Mortgage while in Army Qrts.

Discussion in 'The Intelligence Cell' started by Brew_Time, Jul 9, 2007.

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  1. Just wondered who got their own mortgage on thier own property and rent it while living in Army quarters. I know of several in my old unit who done it and in hindsight wish I'd done it myself but heard so many horror stories of renting it that I didn't.

    Anyone experience any problems.

    B_T. :D
  2. elovabloke

    elovabloke LE Moderator

    Did it while I was in and no real horror stories. Done through an agency, informed morgage broker/insurance agents/ taxman. Keep it above board which helps if it goes tits up.
  3. Just finished renting to my sister and her fella. Fecking nightmare, tw@ts took advantage good and proper.

    They have now been hoyed out and we have got a professional letting agency in that do the lot.

    Sorting out the tax return for the extra income is also a bit of a pain, but i'm sure it will be easier next time around.
  4. elovabloke

    elovabloke LE Moderator

    Remember to offset cleaning, decoration, cost of letting agency etc on tax form.
  5. Knew a guy in my old unit who bought a new house a rented it out straight away, carpets, curtains, wash machine, fridge etc and his was a nightmare, it got totally wrecked and when he gave them notice to get out - they didn't and claimed squatters rights. This is obviously a worse case scenario. Its a good way of getting your mortage paid off with a bit extra tho.

  6. Depends who your renting out too I suppose, working class families are a better option.

    My old man rents out some of his flats to students and with that your bound to get muppets.

    But as said keep it all above board.

    When buying a house to let do you have to pay an extra charge? If so how much.
  7. Bloke at my unit is having a nightmare. He rented his house out, is due to move back this month as he is getting out and gave the tennant 3 months notice. Tennant aint going anywhere and now the guy has to go through the legal process which can take up to 6 months and he is stuck in limbo
  8. Very broad generalisations there Steph, not all 'working class' families are going to be good to rent to and not all students are nightmares. Yes ok students can be bad but it goes with the territory but that is allowed for with deposits and what you furnish the flat with.

    Its always good to be on the property ladder but I would say that letting agents are worth the money and mean that you don't have to deal with 90% of the stress.
  9. Extra income !! With todays prices that must be a rare occourance unless you put down a mahosive deposit. I rented a 2 bed flat for 525pm my morgage payment was 495pm , giving me a whopping 30 quid buckshee !! woo hoo.

  10. I have pm`d you
  11. Oh yes, Problems galore.

    I own a house and rented it out to successive tenants. My only piece of advice is make sure that you have agood agent and that you take out insurance (landlord's insurance, to pay if the tenants don't) to cover everything, and I mean everything, carpets, wall paper, electrics, everything. We got badly stung with a tenant who didn't pay for 6 months. Unfortunately the insurance we had had been mis-sold to us by the letting agency. If your letting agents get taken over or change anything, make sure you are still covered. Also, make sure you get a letting agent who screens people, not just gets references, but does a full check up on them. This can save you a lot of trouble down the line.

    Also, be aware, you will be responsible for all maintenance to the property. It can be very costly. My new tenants have been in for less than 2 months and so far due to the state that the last tenants left the property in, I am still out of pocket.

    Better to buy a property and pay the mortgage yourself. You don't have the hassle and legal crap to go through to get rid of bad tenants. At least you have control of the property. Bear in mind that the law sides with the tenants. They have more rights than you and it will cost you dear in solicitors fees to 1) get them out & 2) to claim any money owed. Unless you have a lot of money to back you up, don't even consider letting out.

    Of course this is only my personal experience, but unless you have experience to letting and all the cr4p that goes with it, be prepared to shell out a lot of money. For a long term investment, property is good, but if you are looking to make a profit, a high interest bank account gives a better return and you control what happens with your assets, not some chav scum with their sh1tty little kids. (Me? Bitter? No!)

  12. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Mate, with your offseting, travel to review property, maintainance claims for up keep etc etc you should be able to pay zip to the tax man and potentially claim money back. Get yourself a reasonable accountant for the first year, get him to hughlight all the items you can claim back and then do it for yourself from then on. Won't be much but will bring a smile to your face. :D
  13. Only broad depending on how you read it. :) I've been a tenant of both.

    Let to who ever you feel comfortable letting it too. The OH and I had interviews before we moved to our house, our landlady is very protective of her property.

    Editted to add: As stated you are responsible for all maintenance of the property, 24 hours 7 days a week.
  14. Started doing this in 1987. Great way to pay the mortgage but be careful, be very fkucin careful. The Taxman sees this as additional income and if he finds out will sting you for it.
    Also I believe you nowadays need a property lisence with all the right boxes ticked. Make sure if you want to avoid this, try to use a very good friend or family member.