How much is left on the mortgage?
Ok. I'll bare everything - maths was never my strong point!
House bought 2007 at £110k. Deposit of £11k. Currently attempting to sell at £95k. Mortgage is £88.5K. Rent is £500pcm, mortgage is £460pcm, mortgage interest is approx £340pcm. Insurance costs £35 a month.
?
How easy is it to rent out? Yield isn't too bad really and capital left is low so I think it could be worth keeping - but keep it rented out!
Oh - what's the mortgage interest rate and how long left to pay off?
Oh - what's the mortgage interest rate and how long left to pay off?
Not sure on int rate at the moment - dont have it to hand, but its on standard variable - tracks something like 1% over the base rate. 31 years to pay
Hmm not sure that's right as doesn't match up with the payment levels I think.
My mortgage calculator:
https://docs.google.com/spreadsheets/d/1cLH5NU8s4ghbiB7wlc_a1obAcjXdY59TZuW5jhStqjc/edit?usp=sharing
That's a 6% yield so Deffo a keeper in my books. You would be lucky to get 4% in the London area, and that would be a flat with service charges.
Where are houses selling at pre 2007 levels?
Based on what you've said above your interest rate is ~4.5%-4.75% which isnt surprising based on your LTV.
And you're only going to pay £1500 off the capital over the next 12 months.
Unless you have the cash to significantly increase the capital and to get on a better rate, any tinkering with Tenants/manageing it yourself is just pointless.
At best you make £2k this year, but this could easily be wiped out by any maintenance/further house price reductions
I've been a landlord for 20 years and on the whole I've had very few issues with tenants, ...., another died in one property and wasn't found for a few days ....
What a complete sh*t. Tenants really are scumbag aren't they. Makes you wonder why anyone bothers.
I'd say keep it. Get agency to find tenants, manage money, you manage trades so agency doesn't charge you for this. In the long run you'll make money. It may be a bit of hassle but so is any investment.
Don't some agents do a guaranteed income deal?
May not be the best rate but overall could be a good offer v's stress
TheDTs - Member
Don't some agents do a guaranteed income deal?
May not be the best rate but overall could be a good offer v's stress
Like Northwood mentioned several times 🙄
Legally binding contract, they are the tenant, etc.
You get money in the bank with no surprise bills.
How much equity does it hold. And where is it ?
TheDTs - Member
Don't some agents do a guaranteed income deal?
May not be the best rate but overall could be a good offer v's stress
Yes we have one.
What a complete sh*t. Tenants really are scumbag aren't they. Makes you wonder why anyone bothers.
I know, very rude. However his deposit covered my costs - you can't just get out of a tenancy agreement by dying.
