Something to cheer the renters up

Oliveru

Actually I do feel a little sorry for you, and I'll give you some advice which is 10x better than the nonsense spouted by some of the posters in this thread.

Renege on the mortgage/ sell the house and pay whatever fines etc that need to be paid and be glad you are rid of the liability. If you hold onto the liability it will keep sucking and sucking your wealth (and quality of life) away.

And remember a house is not a cash machine, it is the most risky investment of your life.

alison999

ziknik wrote: »

You should have seen this coming months ago (if not years ago) and the fact that you didn’t/haven’t proves that you are not suitably skilled to deal with this yourself.

1 Tell partner everything
2. Go get help

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_10013261

Don’t jump off a bridge. It is not the answer. The banks will come after your partner and kids.

at worse i think the guy was just naive. id ditch the agent and up rent by £20-£40 per month. thats a extra £100 towards the rent already. unless youre going to sell dont dump the good tennents. i rent and have been told that once a year the rent will probably increase by about £10 a year, everything else goes up so why wouldnt your rent?

i just saw what your tennents get for rent, they really are on a good deal here

kazd

ziknik wrote: »

You should have seen this coming months ago (if not years ago) and the fact that you didn’t/haven’t proves that you are not suitably skilled to deal with this yourself.

1 Tell partner everything
2. Go get help

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_10013261

Don’t jump off a bridge. It is not the answer. The banks will come after your partner and kids.

Only waiting till the weekend to speak to dh, don't want him worrying whilst he is on a difficult course.

No bridges round here so will just have to pay up.

dopester

Count yourself lucky you didn't go ahead and get all 3 BTLs that you intended.

You've only got the one.

Were it me - which it would never be as I've been waiting patiently for insane house prices to become affordable which was always going to happen - I'd be trying to sell as soon as possible.

Rent £625 (£550 after agents cut) - versus - new mortgage approx £974 = £424 a month your in trouble for = £5088 per annum + you have significant risk of a house price crash. I'd go the auction route to get rid asap, but that is me.

Generali

BTL is a business and you need to improve your cashflow so you have 2 choices: cut costs or improve income.

Getting rid of the LA sounds like a good idea to me. Perhaps you can self-insure on white goods or plumbing if you buy insurance for that stuff.

Re the rent, if you are charging a lowish rent maybe there's a little scope there. It costs a fortune to move and is a huge pain so an extra tenner or so on the rent might be accepted. Another approach could be to go to the tenants and say, "I really need to review the rent, what do you think is reasonable". You'd be amazed how bad most people are at negotiations.

cells

scorpio_princess wrote: »

Seriously, how nasty can some people get? I think the OP is aware of her mistakes - she doesn't need faceless trolls like you to condemn her. Isn't the point of these boards to offer help and advice where possible? I personally don't like to see anyone in distress - not one of us is perfect in every way.

one hopes if she sees her mistakes she will not repete it.

molley cuddleing her will not help in the long run.

kazd

Well Cells, I can swear on my childrens head's because my husband has a good pension and we have and our mortgage is less than a third of our own property value, it was our childrens future we were trying to secure not ours!

Do not want to dump our tennants nor do we want to hike the rent up. Can't sell as nothing is moving.

Oh dear cells unhappy relationship as well for you. Never fear our relationship is solid. We have no other debts apart from our mortgage so although things will be tight we won't go under.

Why didn't we save cash for our children - I did not say that we didn't we do save for them. The point is all these savings will have to stop to pay the excess on the mortgage.

alison999

kazd wrote: »

Well Cells, I can swear on my childrens head's because my husband has a good pension and we have and our mortgage is less than a third of our own property value.

Do not want to dump our tennants nor do we want to hike the rent up. Can't sell as nothing is moving.

Oh dear cells unhappy relationship as well for you. Never fear our relationship is solid. We have no other debts apart from our mortgage so although things will be tight we won't go under.

Why didn't we save cash for our children - I did not say that we didn't we do save for them. The point is all these savings will have to stop to pay the excess on the mortgage.

i did post a message at the end of page one. it got lost in all the arguing somewhere

dopester

southernscouser wrote: »

Here's 10p.




Go phone someone who gives a !!!!!!.

It's 20p minimum from a BT box now to make a call I think.

Inflation and to maintain the costs of the telephone boxes, as they generate less revenue given the big increase in mobile phones.

southernscouser

dopester wrote: »

It's 20p minimum from a BT box now to make a call I think.

Inflation and to maintain the costs of the telephone boxes, as they generate less revenue given the big increase in mobile phones.

He'll have to do reverse charges then coz I can't spare 20p! :rotfl: