anybody done this? does it work out in your favour? what would be the deal for a 150,000 mortgage?
2007-06-17 22:21:21 · 2 answers · asked by simon3102000 2 in Business & Finance ➔ Renting & Real Estate
it depends on your circumstances, how much you can pay, the half rent and half mortgage draws out the process.
Sorry i cant be more helpful you need to speak to an objective 3rd party like an advice bureau just to be safe.
Good luck
XX
2007-06-18 00:01:09 · answer #1 · answered by strawberrykaz 3 · 0⤊ 0⤋
It's typically done for people who can't get a full Mortgage due to not having enough regular/proven Income...
It's a bit of a mean trick - plainly you have to pay the Rent which in many cases is HIGHER than the equivalent Mortgage cost would be ..
Rent is just money down the drain .. you are buying the house for the Landlord ... this is why the 'Buy to Rent' market took off in such a big way ..
Avoid it if you can ... far better to get an Interest Only Mortgage ... in 25 years when the principle comes due you will have the full increase in the value of the House to pay it off.
2007-06-19 03:17:57 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋