I have a second house in arrears and wanna
know what the best sollution would be long term?
My second home is in arrears of £6k and the mortgage is about £830 per month normal and £620 interest only. should i pay off the outstanding money owed then rent it out on the interest only mortgage? what would i have to pay at the end of an interest only mortgage of 25 years? need to know is i have tried to sell the house but it aint budging.
Answer
Try and pay the arrears off and then if you can rent it out, rent it for a little above the interest only payment as that will give you some money for repairs that you will have to take care of.at the end of the term you will owe the amount that you started the interest only payments with as you will not be making any payment towards the amount you borrowed.
