jennireren

Hi everyone,

I'm in a bit of a dilema. we have been unable to sell our house (like many) so have it rented out at the minute. I phoned our mortgage company yesterday as our deal is up at the end of the month, querying what I had to do to rent it out (bit late as I have already!!). anyway, we dont fit their criteria as the rental income wont be 125% of what the monthly mortgage repayment is so we can't change to a Buy to let mortgage. I don't know what else to do. has anyone else been in the same situation?

when we get to oz we are just going to top up the rental each month to cover the mortgage payments. does anyone know of any by to let mortgages where you can do this? we dont have much equity in the house at the minute with the current market being so bad.

any help or advice?

Jen

Peapod

Hi - we are in the same position - and to top things off my husband got made redundant yesterday! OMG!! We are thinkning that we may decided to stay quiet about the fact that we are going to rent it and stay on our normal mortage.
This is ILLEGAL but estate agents say it is the best way forward and we have even been told by a bank employee friend that we would be really unlucky to be caught.
To save a few pounds we have extended our mortgage to 25 years. This has managed to save us £200 a month.
You probably wont be able to do this as you have already spoken to your bank. Shop around - if you have any savings you may be able to get a offset account and keep all of your savings in there - they may view your application more kindly.
Good luck - I hope everythign works out for you.

Grayling

You also need to consider the Australian tax implications of renting your house out in the UK.

MarkMC

Yeah - but if you are having to send money back to the UK to cover the mortgage you may get tax back from Oz.... Look in to it!!

Grayling

Indeed....it works both ways but you need proper advice.

G