Thursday 27 November 2008 11.30am
The Mapmaker wrote:
Down with the house-hoarders!!! B*gger the BTL-ers
I really don't understand this one. Home ownership as a proportion of the population in the last year or so was the highest it has ever been.
Hi everyone iam new to this but just wanted to say a few things, ive lived in waterloo all my life.I lived on the tanswell estate up until i was 20 then moved to kensington 4 3 yrs after having 2 kids moved back to waterloo stamford st,,i have a 2bed in a victorian house,in 2005 i bought my flat of the council £182.000 thinking i was doing the right thing ,, i love waterloo but have seen alot of things change as in every area, my kids became victims in robberys and asults i have since moved to southgate and rent the flat out bcs couldnt afford reypaymants, what do i do sell or hang on and ride the storm,,
Can you last the storm? What if the storm is several years? Does the rental income cover the mortgage, and are your mortgage payments low enough that you know you will be able to cover them if interest rates increase? Are you insured against the risk of the loss of a tenant, and is your mortgage at a fixed rate for the next few years? Is there any time in the near future when you would need to sell the property? How much do you think you could sell it for now, considering the state of the market? Do you WANT to sell it?
Just some questions to think about.