Hi,
in a previous post i mentioned we needed to move house but cant sell. negative equity is approx 90k. only option as i see it is to rent our house and then rent in another location. i have looked through the mortgage docs and it appears the bank can change the rate if our house is not our main private residence.
there must be ppl in similar situations who do this but in our case, the bank manager could possibly find out through neighbours that we haved rented our own house out and moved. we're not sure if he would do anything about this and dont really want to take the chance.
we have a cheap tracker but as per other posts it is highly unlikely they will write off all or part of the neg equity if we sold. if they moved the shortfall into a long term loan it may help but then we have nothing to show for a 50-90k loan! is this better than renting our house out and then renting another? im not sure.
if we rented then our tenants would likely want to claim rent relief, but as we are claiming mortgage int relief the tenants would have a problem. to avoid this i was thinking of renting under the rent a room scheme, we could put in licensee agreement that one room would be retained by landlord as their main private residence. would this solve my problem?
in a previous post i mentioned we needed to move house but cant sell. negative equity is approx 90k. only option as i see it is to rent our house and then rent in another location. i have looked through the mortgage docs and it appears the bank can change the rate if our house is not our main private residence.
there must be ppl in similar situations who do this but in our case, the bank manager could possibly find out through neighbours that we haved rented our own house out and moved. we're not sure if he would do anything about this and dont really want to take the chance.
we have a cheap tracker but as per other posts it is highly unlikely they will write off all or part of the neg equity if we sold. if they moved the shortfall into a long term loan it may help but then we have nothing to show for a 50-90k loan! is this better than renting our house out and then renting another? im not sure.
if we rented then our tenants would likely want to claim rent relief, but as we are claiming mortgage int relief the tenants would have a problem. to avoid this i was thinking of renting under the rent a room scheme, we could put in licensee agreement that one room would be retained by landlord as their main private residence. would this solve my problem?