Possible move to Virginia
Apr 17th 2019, 2:01 pm
#151
Forum Regular
Thread Starter
Joined: Apr 2019
Location: Hertfordshire
Posts: 46
Re: Possible move to Virginia
Not telling your insurers or mortgage company that the house will either be sitting empty or let is likely a breach of the conditions in both cases. Just think of the potential consequences eg house burns down and you have no insurance. Don't go there.
Decide if you want to leave the house empty or let it, then calculate the additional costs and put that in your husband's "package" as his employer has asked him.
Decide if you want to leave the house empty or let it, then calculate the additional costs and put that in your husband's "package" as his employer has asked him.
Apr 17th 2019, 2:13 pm
#152
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Possible move to Virginia
Personally, I wouldn't write off renting the house out if there was a way to make the figures work. Your mortgage provider would likely require you to switch to a buy to let mortgage, which would raise your interest rate, and of course there are other costs such as landlord insurance, compliance, maintenance and property management costs. You'd also need to consider any tax implications. But I still think it'd be worth a look, no idea where your property is located but assuming a very modest rent of £600 per month, that's £14,400 over two years. On the 'plus' side, property insurance and council tax will cost your more if your property is empty. It won't cost you anything to crunch the numbers! Good luck with whatever you decide.
Apr 17th 2019, 2:15 pm
#153
Forum Regular
Thread Starter
Joined: Apr 2019
Location: Hertfordshire
Posts: 46
Re: Possible move to Virginia
Personally, I wouldn't write off renting the house out if there was a way to make the figures work. Your mortgage provider would likely require you to switch to a buy to let mortgage, which would raise your interest rate, and of course there are other costs such as landlord insurance, compliance, maintenance and property management costs. You'd also need to consider any tax implications. But I still think it'd be worth a look, no idea where your property is located but assuming a very modest rent of £600 per month, that's £14,400 over two years. On the 'plus' side, property insurance and council tax will cost your more if your property is empty. It won't cost you anything to crunch the numbers! Good luck with whatever you decide.
Apr 17th 2019, 2:16 pm
#154
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Possible move to Virginia
Ah, that's a bummer then. Could have been a nice little earner for you.
Apr 17th 2019, 2:19 pm
#155
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Possible move to Virginia
…. but they also state we have to have at least an 80% mortgage to switch to a buy to rent and we have an 85% so i really dont think they will let us
