Bought in 2006 for 275k.
Outstanding mortgage circa 245k.
Current value somewhere below 80k.
Same old story as so many others, house bought at the height, now worth a fraction of price. 1 income rather than the 2 when bought, and that income is less than it used to be. The house is 2 bedroom with no garden, since buying we have gone from one child to three, soon to be four, so we must absolutely move, and soon.
An opportunity has arisen to rent a 4bed property in same area for a bargain price, but what to do with our house? Currently paying MARP deal of 750e a month instead of full 1200e payment. House should rent for 650 pcm if lucky.
We don't want to lose the opportunity to rent this house for only slightly more than we are currently paying, but we don't know how we can do it. What are the chances of a 3 or 6 month moratorium until we can rent it out?
We have engaged with Ulster Bank all along, they have messed us around, lost paperwork, changed deals without telling us etc.
Any advice?
Outstanding mortgage circa 245k.
Current value somewhere below 80k.
Same old story as so many others, house bought at the height, now worth a fraction of price. 1 income rather than the 2 when bought, and that income is less than it used to be. The house is 2 bedroom with no garden, since buying we have gone from one child to three, soon to be four, so we must absolutely move, and soon.
An opportunity has arisen to rent a 4bed property in same area for a bargain price, but what to do with our house? Currently paying MARP deal of 750e a month instead of full 1200e payment. House should rent for 650 pcm if lucky.
We don't want to lose the opportunity to rent this house for only slightly more than we are currently paying, but we don't know how we can do it. What are the chances of a 3 or 6 month moratorium until we can rent it out?
We have engaged with Ulster Bank all along, they have messed us around, lost paperwork, changed deals without telling us etc.
Any advice?