Will bank take lump sum to end 2 rental properties on 2 trackers.

Coolaboy

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153
Hi folks. We have 2 rental properties bringing in 1400 a month between them. Both of them on trackers. We owe about 100,00 between the two of them and have about 10 years left on them both. We are 50 years old. . I've had enough of being a landlord...burnt out. Would the bank consider taking 50,000 once off payment and end the two mortgages.
 

NoRegretsCoyote

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I have no intelligence but I've read here on AAM that banks won't do deals on performing trackers as they are profitable.
 

RedOnion

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Absolutely not. You've mortgages outstanding of 100k, on property worth at least 200k, and you think the bank would accept a lump sum of 50k?
 

Brendan Burgess

Founder
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Hi Coolaboy

Banks will be finding it very hard to lend money to good credit worthy customers.

They are getting 1% from you and it's reliable and well secured.

So there is n reason for them to do a deal with you.

Brendan
 

Palerider

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1,495
I understand you are keen to exit the business of property rental, why don't you sell your property and pay off the bank, you are as you say burnt out, your health and wellbeing is paramount, your thinking as outlined is a tad naive, it simply will not happen...exit the business, pay off debt and get on with a more relaxed life.
 

Coolaboy

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Some good advice there folks. Thank you. I will look at the 10 year renting option with council. Is that the HAP scheme you are referring to?
 

Saavy99

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The OP said he has ten years left on the mortgage term for both houses. If he doesn't want to sell and it's unlikely he will in the current crisis, leasing them to the Council on long term lease is his best option. The following is taken from Dublin city council website.
Under the arrangement, Dublin City Council will:
  1. Be the landlord to the tenants;
  2. Maintain the interior of the property for the duration of the agreement. The home will be returned to the owner in good condition at the end of the lease term, and;
  3. Pay up to 80-85% of the open market rent throughout the term.
 

Leo

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11,088
What state will that leave them in? If they let in bad tenants what then?
Under the 10 year scheme the LA are responsible for all maintenance. Properties are fully refurbished at the end of the scheme as required.
 

cremeegg

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3,215
Some good advice there folks. Thank you. I will look at the 10 year renting option with council. Is that the HAP scheme you are referring to?
No there are different things.

Broadly speaking HAP pays more but leaves more responsibilities with the landlord.
 
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