Tracyb37 Posted June 9, 2008 Share Posted June 9, 2008 To everyone who can't sell their house and are thinking of renting but the rental income won't cover the mortgage, here is a possible solution. I spoke to my mortgage provider today to find out about changing to an interest only or buy to let mortgage to reduce our monthly mortgage so that renting could be an option. Well the bank I am with don't do buy to let mortgages and will only do interest only if you have £150k plus of equity which we don't have. However they sggested to me that they could extend the length of the mortgage term and this will reduce the monthly repayments by over £300, which means any rental we got would cover the mortgage. I am so excited by this news as it means we could be on our way without selling the house. As loathe as I am to rent it out, the thought of getting to Australia ASAP, makes it seem more of a good idea!! Might be worth considering for all of you that can't sell in these difficult times. :idea::idea: Link to comment Share on other sites More sharing options...
the hutchies Posted June 9, 2008 Share Posted June 9, 2008 it is definetatly worth thinking about. thanks Lisax Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 10, 2008 Share Posted June 10, 2008 Hi Tracey that's great news you will be here sooner than you thought:) Link to comment Share on other sites More sharing options...
Guest debbiedavo Posted June 10, 2008 Share Posted June 10, 2008 Hi Tracey That is such good advice. Had our flat up for sale for ages now an it's just so frustratin:wacko: Will be gettin OH to go and see bank ASAP to see if its an option. GOOD LUCK with your move.:notworthy: Debbie xxxx Link to comment Share on other sites More sharing options...
Guest Lui A xxx Posted June 10, 2008 Share Posted June 10, 2008 hi........another little tip for you guys................(if like us).............money a little tight..............ring your existing mortgage company.............and request a ' mortgage holiday'..........we have just done this.............thus meaning............we have 2 months 'off'...........yippee.......!!!......... this means that when payments resume.........in August our payments will go up by.....£9 per month.........definately worth it.................this can only be done on our agreement for two months of every year............... hope this helps someone else............... happy days xxx Link to comment Share on other sites More sharing options...
Guest gothicqueen Posted June 10, 2008 Share Posted June 10, 2008 hi........another little tip for you guys................(if like us).............money a little tight..............ring your existing mortgage company.............and request a ' mortgage holiday'..........we have just done this.............thus meaning............we have 2 months 'off'...........yippee.......!!!......... this means that when payments resume.........in August our payments will go up by.....£9 per month.........definately worth it.................this can only be done on our agreement for two months of every year............... hope this helps someone else............... happy days xxx What a good idea, Ive been worrying myself stupid how we are going to pay the next lotof fees and visa costs, if we had a 2 month holiday we would have almost £1600 spare, definatley worth looking into! :notworthy: Link to comment Share on other sites More sharing options...
Guest Simba Posted June 10, 2008 Share Posted June 10, 2008 Good luck, sounds a possible solution, the hardest part of the emigration process is selling your house. Where in OZ are you heading ? Link to comment Share on other sites More sharing options...
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