chartpolski 28,007 Posted February 6, 2021 Report Share Posted February 6, 2021 I was very lucky with my house. We were living in company housing when we bought it and we rented it out for over 20 years. The rent, less agents fees and repairs, etc, just about covered the mortgage, so we basically got s free house ! I only got bumped off one renter, for around £2,000, but my solicitor said it wasn't worth the cost or hassle taking her to court, so I wrote it off and didn't let it worry me to much. The house, and everything else, will be left to our grandson. He won't live in it, but he can sell it or rent it out, and do what he wants with the money. Cheers. Quote Link to post Share on other sites
Qbgrey 4,280 Posted February 6, 2021 Report Share Posted February 6, 2021 12 minutes ago, joe ox said: I do understand what you said you just were not that clear in your first post then I went off on a tangent about buy to let mortgages which is not really what this topic is about Buy to lets are cash cows to me, I will sell up when I am to old to look after them! Remortgaging the house you live in for new cars holidays etc is a bad idea I do agree with you on that. Buy to let are great if the rent money exceeds the monthly mortgage on it,if you have 1 month vacant ,repair bills etc some people fail to keep up.i suppose new builds are the way,not alot of maintenance,and hopefully long term renters.i had a block of 4 flats I owned and rented burnt down by a tenant. Turned out ok in the end insurance rebuilt the whole lot to brand new,it was very run down before the fire.sold em off straight after rebuild. 1 Quote Link to post Share on other sites
joe ox 2,674 Posted February 6, 2021 Report Share Posted February 6, 2021 6 minutes ago, Qbgrey said: Buy to let are great if the rent money exceeds the monthly mortgage on it,if you have 1 month vacant ,repair bills etc some people fail to keep up.i suppose new builds are the way,not alot of maintenance,and hopefully long term renters.i had a block of 4 flats I owned and rented burnt down by a tenant. Turned out ok in the end insurance rebuilt the whole lot to brand new,it was very run down before the fire.sold em off straight after rebuild. Good result in the end for you Your right there is a lot of pitfalls with buy to lets its not for the faint hearted at times. 1 1 Quote Link to post Share on other sites
Qbgrey 4,280 Posted February 6, 2021 Report Share Posted February 6, 2021 22 minutes ago, joe ox said: Good result in the end for you Your right there is a lot of pitfalls with buy to lets its not for the faint hearted at times. Yes mate.we had a protected tenant in thier,so difficult to sell as only cash buyers could buy them as no mortgage can be gained on a property with a protected tenant.but if said tenant leaves the property for over 1 year the protection is gone.it was unfortunate that she was re housed elsewhere while the fire refurbishment took place and it took just over a year. Quote Link to post Share on other sites
Greb147 6,810 Posted February 6, 2021 Author Report Share Posted February 6, 2021 I've got about 25k equity in my house which isn't really enough to purchase the house and renovate it. It's a shame you can't borrow more than what the property is worth. 1 Quote Link to post Share on other sites
Born Hunter 17,910 Posted February 6, 2021 Report Share Posted February 6, 2021 1 minute ago, Greb147 said: It's a shame you can't borrow more than what the property is worth. 2008.... LOL 2 Quote Link to post Share on other sites
Greb147 6,810 Posted February 6, 2021 Author Report Share Posted February 6, 2021 17 minutes ago, Born Hunter said: 2008.... LOL Crazy though, even if I borrowed 30k on top of the house price I would still be paying much less than what I already am. 1 Quote Link to post Share on other sites
Squirrel_Basher 17,102 Posted February 6, 2021 Report Share Posted February 6, 2021 Exactly Greb .Extending the mortgage by adding to it and remortgaging arnt the same thing . Quote Link to post Share on other sites
Greb147 6,810 Posted February 6, 2021 Author Report Share Posted February 6, 2021 6 minutes ago, foxdropper said: Exactly Greb .Extending the mortgage by adding to it and remortgaging arnt the same thing . You're not allowed to do what I suggested though. They will only offer you 90% of the property value. Quote Link to post Share on other sites
Born Hunter 17,910 Posted February 6, 2021 Report Share Posted February 6, 2021 24 minutes ago, Greb147 said: Crazy though, even if I borrowed 30k on top of the house price I would still be paying much less than what I already am. Because rates have dropped? That’s just the nature of markets, it’s not worth getting hung up on over short periods like three years. 1 Quote Link to post Share on other sites
Qbgrey 4,280 Posted February 6, 2021 Report Share Posted February 6, 2021 Be nice to sell up and cash in but we need to live somewhere.and shitty little new builds ain't cheap down here.300,000 won't get you very much.bloody criminal. Quote Link to post Share on other sites
joe ox 2,674 Posted February 6, 2021 Report Share Posted February 6, 2021 21 minutes ago, Greb147 said: You're not allowed to do what I suggested though. They will only offer you 90% of the property value. If your lucky, the mortgage companys are select who they will offer 90% mortgages to. 90% motgages are a much bigger risk to them to recoup their outlay and expenses if things go wrong. Repossessions are sold asap at auction for speed usually for quite a bit less than market value. Quote Link to post Share on other sites
joe ox 2,674 Posted February 6, 2021 Report Share Posted February 6, 2021 1 hour ago, Greb147 said: I've got about 25k equity in my house which isn't really enough to purchase the house and renovate it. It's a shame you can't borrow more than what the property is worth. Can you not get a buy to let mortgage on the house you live in rent it out and transfer your current mortgage on the house you want to buy? contact a mortgage adviser you will get much better advice than you will on here Quote Link to post Share on other sites
Greb147 6,810 Posted February 6, 2021 Author Report Share Posted February 6, 2021 (edited) 3 minutes ago, joe ox said: Can you not get a buy to let mortgage on the house you live in rent it out and transfer your current mortgage on the house you want to buy? contact a mortgage adviser you will get much better advice than you will on here My point is I haven't got enough equity to buy that other house and renovate it in one go. The plan was to buy it, extend it and furnish it in a short space of time. You would have to spend at least 40k I should imagine. Edited February 6, 2021 by Greb147 Quote Link to post Share on other sites
Qbgrey 4,280 Posted February 6, 2021 Report Share Posted February 6, 2021 They got us by the bollox these finance company's,all up London sipping champagne on our behalf.glad I don't owe any money now. Quote Link to post Share on other sites
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