I bought my house, a 2 up 2 down semi in 2010 for £77k. It last sold in 2005 for £92k. Its in a buoyant rental area, indeed the house next door has had two tennants since I've been here, renting at £450 a month.
My house has several positives compared to next door: Driveway, new kitchen, better bathroom, new central heating, fully refurbished in the last 2 years. So I could achieve at least £475 - that seems to be the ceiling around here.
I bought the house when I was single, and now I have a partner and a slightly higher personal income, as well as her income, and I am looking at the future and thinking about somewhere bigger. But I want to retain this house and rent it out. Clearly usually one would sell and use the cash as a deposit on a new house / transfer the mortgage etc, but if I could get the deposit for a new house and mortgage, how would I go about with the old mortgage? Would it still be in my name? Would I have to have a different kind of mortgage?
If I were to rent out, I would use an agent. The mortgage payments are currently £350 a month (having just dopped rate onto variable) - though these might increase slightly so I just break even on this house until the mortgage is paid off, then use the rental as an income - I am thinking long term here.
Has anyone done this in the past? What would I be liable for in the house? Would I be only responsible for mortgage payments, building insurance and maintenance? Is there a website that tells me all about it?
If I use an agent are there agents that will guarantee me an income even during vacant periods? This is the risk factor I guess - what if I cant get a tennant and end up paying two mortgages?
My house has several positives compared to next door: Driveway, new kitchen, better bathroom, new central heating, fully refurbished in the last 2 years. So I could achieve at least £475 - that seems to be the ceiling around here.
I bought the house when I was single, and now I have a partner and a slightly higher personal income, as well as her income, and I am looking at the future and thinking about somewhere bigger. But I want to retain this house and rent it out. Clearly usually one would sell and use the cash as a deposit on a new house / transfer the mortgage etc, but if I could get the deposit for a new house and mortgage, how would I go about with the old mortgage? Would it still be in my name? Would I have to have a different kind of mortgage?
If I were to rent out, I would use an agent. The mortgage payments are currently £350 a month (having just dopped rate onto variable) - though these might increase slightly so I just break even on this house until the mortgage is paid off, then use the rental as an income - I am thinking long term here.
Has anyone done this in the past? What would I be liable for in the house? Would I be only responsible for mortgage payments, building insurance and maintenance? Is there a website that tells me all about it?
If I use an agent are there agents that will guarantee me an income even during vacant periods? This is the risk factor I guess - what if I cant get a tennant and end up paying two mortgages?