Anyway although we are paying our way we just wondered what others think ?
getting a rented house wouldn't be easy though our credit rating is in the slum right now because of missed mortgage payments and dmp .
what to do
debtor99 wrote:During depressions property prices slump but they do rise again. This time it might take many years longer due to over inflated property prices caused by banks making mortgages too easy.
Its hard but I would suggest keeping your home on.
We've been through the mill on our home but think in the longer term it was worth it. It's not much but it's home.
Just my thoughts good luck
Ransid wrote:Tim's suggestion is certainly something you should think about.
Also remember this... (apologies but I can't remember your circs - I seem to recall not bankrupt or in an IVA)
If you walk away, hand the keys back and rent then you will still be liable for the mortgage and charge, as well as paying the rent.
The mortgage debt will increase whilst not paid, until such time as the property is sold (most likely for less than if you sold it occupied). You would be liable for the shortfall (including costs of sale) and they are likely to come looking for it.
This might be a trigger point to think about bankrutpcy/iva, but it might be avoidable if you do something like Tim is suggesting.
Yes it is risky e.g. bad tenants (but that can be mitigated) - and you might need the agreement of the mortgage lender - but it has a potential win / win outcome if values do rise (and you can always move back in!!)
All the best.
Sarah wrote:No, I am afraid you could not. Your rental from any tenant would have to cover any mortgage payment and buildings insurance and the rental you took on would have to be cheaper. It is one of the specifically prohibited things for claiming housing benefit - sorry.
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