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Question
help with my house? sell or rent out?
i currently have a mortgage for £98,000 on interest only. I am in the difficult position that i may be in negative equity if i sell by possibly £8,000 by the way the market is going. I currently pay the mortage myself but i am looking to sell or rent and get a new property with my partner but i'm not sure what the best thing would be to do with my house. I currently pay £510 per month for the mortgage and have been advised by local estate agents that i could get £475 in rental payments per month. please help!
4 months ago - 5 answers
Best Answer
Chosen by Asker
You could furnish it, or redecorate to a high spec and get more money. Maj
Source(s)
Work for a property company
by Maj
4 months ago
Asker's Rating: 
Other Answers
rent it and pony up the rest till the market changes
by golferwhoworks- 4 months ago
renting can be a nightmare though, if they break it and leave you're liable not them ( well yes them if you can find them ) LOL good luck
by Tanya P- 4 months ago
It really isn't a sellers market at all right now, however, I don't recommend renting it out for less than the mortgage payment either. Everyone thinks that landlords make all this money. That is the most ridiculous thing I have ever heard of in my life. Landlords do not make money. If you are going to be a landlord it is a long, and I am talking long term investment, of say 20 years or more. Also, people never take care of your property so you end up spending a lot of money on repairs and then you have to clean up after them when they move out and that is a real pain. Also, you could have the problem tenant that never pays their rent and things like that, it is a real pain in the you know what. Try to sell it and get your money out of it, if you have to take a loss, you will end up losing less by selling it then you will by renting it out.
by Sandra M- 4 months ago
Alligator in your pocket! If your payment on an interest-only mortgage is more than the rental income you can earn, you are in financial boiling water (not just "hot water"). The options you are considering will have that alligator eating you alive. Can you refinance to a standard fixed rate mortgage instead of interest-only? You and your partner live there and share the costs until you can sell. Renting it will slowly bleed you to death for mortgage payments, taxes, insurance, etc. Can leave you with too little to get another place. Short sale will cost you a large lump sum. You are definitely alligator-dinner. Very poorly thought out move getting that place to begin with. Continuing to live there and paying for it may be your only viable option for a long time to come.
by ibu guru- 4 months ago