Hi,

 

Is there anyone on here who deals with mortgages? I may be looking for a self build mortgage or possible a buy to let mortgage on my current property.

 

Also if anyone has rented out a house, what monthly costs do you have to take into account? Utillity bills, council tax, insurance, running costs/maintainace???

 

Cheers

 

Vijay

Hi Vijay, I'm in the same boat as you. Mines rented from 1st Sep onwards and I had to change my mortgage from a residential to a consent to let. I've taken out landlords insurance and bear in mind you have to pay tax on the rental income. The bills are the responsibility of the tenant(s). I will also put some cash aside each month to cover any maintenance etc. hope this helps a bit! Not done this before myself so treading new ground... :)

just finnished a 2 month refurb on one of my rentals and spent thousands after a tenant wrecked the place over 2 years:mad:....moral of the story is dont let a letting agency look after your investment and you think the property is getting inspected.

Drop this guy a message:

https://www.facebook.com/liam.thomas.92102?fref=ts

 

He's well known on a fair few car forums and has sorted out mortgages for myself and a few of my family over the years. Tell him I sent you.

just finnished a 2 month refurb on one of my rentals and spent thousands after a tenant wrecked the place over 2 years:mad:....moral of the story is dont let a letting agency look after your investment and you think the property is getting inspected.

 

This is exactly what worries me :( Are you perfectly entitled to view your property once a month or every 3 months - is that something you can put into the rental conditions?

This is exactly what worries me :( Are you perfectly entitled to view your property once a month or every 3 months - is that something you can put into the rental conditions?

 

I believe you're legally entitled to inspect the property whenever you wish but you must seek consent from the tenants. There is a minimum period by law (1 day I think) but this can be overridden (no less) by terms of the contract.

 

Been a while since my law degree..lol

This is exactly what worries me :( Are you perfectly entitled to view your property once a month or every 3 months - is that something you can put into the rental conditions?

 

my new lease has that in now...every 3 months labeld as a " boiler and appliance safety check":wink:

dont do it, my friends tell me they are going to rent out their houses and live off the rent, its not as easy as it sounds with a lot of drawbacks that the tv shows dont tell you

 

one thing i tell my friend is that once the house is rented its not your house anymore, it belongs to the tennant and you have to fight to get it back if it goes bad

 

also the inland revenue will take 40-50% off you now when you sell your house as it has been used for an income, they are going back 20 years and taking the tax from everyone that has sold a house in the past that has been used for income and can ask for the tax back

 

can be good when going good, but can be very very bad when it goes bad

also i got threatened with court once as a guy owed us £800 and i knocked on his door everyday for the arrears, apperently i wasnt allowing him quiet enjoyment of the room and he felt harrased

 

in the end he left owing more and there wasnt much we could do about it, costs about £1500 minimum to take a person to court for rent arrears and in the end you only get payed what the court gets payed, if they owe you £3000 they can say ok but i can only afford £10 a fortnight, then if the court gets it then you get it

 

we have had windows out recently and the cost of the windows was £380 to replace with callout, the girl that did it was a repeat offender with debt court debts coming out of her ears, she agreed to pay £100 at about £4 a fortnight otherwise we wouldnt get anything as the court was told she couldnt pay more as she owed so much and earned so little (sorry got so little for free from the tax payer)