I own a flat in south west wales (UK). i bought it this year with a 10year fixed rate mortgage. I am now in th?

5 Comment(s)

1. I’d rent it out if I were you. No-one’s buying at the moment, are you in negative equity?

   dave | Jan 16, 2009 | Reply

2. Rent it out I bet the redemption penalties on that mortgage will be a killer

   Jess | Jan 17, 2009 | Reply

3. The best thing for you to do is take an hour out of one of your days and go to the borrower who arranged your mortgage.

   If you sell your home while in a fixed rate, it means that you have to pay a fee of some sort, without knowing what mortgage you are on I couldn’t tell you how much.

   If you get tenants into your flat, you would need to change your mort to a “buy to let” as most borrowers will not allow you to rent your property out on a normal mortgage.

   Good luck with everything and I hope you and your bf are very happy together x

   rebecca m | Jan 19, 2009 | Reply

4. If you are going to rent, then I suggest you read the law and rights of the landlord and the tenants, especially about deposits.

   I know one of them is you must have an annual service of the boiler.

   I would rent it out TBH, cause what happens if you and your bf split up?

   WelshLad | Jan 22, 2009 | Reply

5. Not a good time to sell, and you will certainly have early redemption penalties to pay. Why doesn’t your boyfriend move in with you ? You can always throw him out if it doesn’t work out ! Certainly easier than evicting formal tenants with legal rights !

   By the way I dont think Rebecca M knows the difference between borrowers and lenders.

   bluenose1949 | Jan 25, 2009 | Reply

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