I've been left a property by my late brother but I'm unemployed at the moment, is it possible that the tenants rent will cover the mortgage, because I am unlikely to get a mortgage myself.
2006-09-19 02:12:45 · 6 answers · asked by zarnticolz 1 in Business & Finance ➔ Renting & Real Estate
As the above answer but you will now have to tell the Social that you have an income and/or assets which may affect your benefit
2006-09-19 02:21:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Pretty likely, depending on the rate of the mortgage and when it was taken out.
Contact the mortgage providers and see what is outstanding on the mortgage and the monthly repayments. You can also contact local estate agents to see what the going rental market is like they can do you a rental valuation. Local councils are often desperate for properties and will take over all the paperwork and financial considerations and maintain the property if you hand it to them, though I am not sure of the revenue return in this case.
If the rent you achieve for the property ONLY covers the mortgage and is not acting as income it shouldn't affect your benefits.
2006-09-19 06:03:50 · answer #2 · answered by sweetpsychosis 2 · 0⤊ 0⤋
talk to C A B the numbers in the phone book. but yes you can have tenants in that will pay enough to cover the morgage and council tax
2006-09-19 02:22:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
depends on the state of the property and the mortgage left ....
2006-09-19 02:15:04 · answer #4 · answered by slysimon69 4 · 0⤊ 0⤋
im a property invester, a millionnaire, got several hundered properties offshore, theres a mortgage called, winpey wimpey googles. ask ure branch for details,
2006-09-19 02:24:11 · answer #5 · answered by tariq k 4 · 0⤊ 0⤋
yes if you go through a estate agents they will find a suitable tenant and vet them and you get to choose the tenant.plus and obviously there is a fee but they guarantee your rent.hope this helps
2006-09-19 02:15:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋