I am looking to lease my house the council for 10 years.
I will be out of a job in a few weeks and my house is in negative equity so selling up isn't an option.
I am not in arrears at the moment but I'm sure I will be as I will soon be living of job seekers for awhile at least.
I don't want default on my loan and damage my credit plus I would like an asset to pass on to my kids so I want to hold onto the house if possible.
Leasing back to the council will solve a few problems for me, I will have a lump of my mortgage paid every month for 10 years and I can manage the surplus even on job seekers plus I can leave where I live now and set up somewhere else.
The only problem I can see with this is will my lender KBC allow me to lease the house out for 10 years. I need their consent before I can do this. I have emailed them my situation and am waiting on a response.
Basically I'd like some opinions on what my chances are of my lender agreeing to this and if they say no is there anyway I can negotiate with them?
If I were a lender I would welcome the chance of a guaranteed long term payment every month but then again I'm not a mortgage company and they don't think like ordinary folk!!!
I will be out of a job in a few weeks and my house is in negative equity so selling up isn't an option.
I am not in arrears at the moment but I'm sure I will be as I will soon be living of job seekers for awhile at least.
I don't want default on my loan and damage my credit plus I would like an asset to pass on to my kids so I want to hold onto the house if possible.
Leasing back to the council will solve a few problems for me, I will have a lump of my mortgage paid every month for 10 years and I can manage the surplus even on job seekers plus I can leave where I live now and set up somewhere else.
The only problem I can see with this is will my lender KBC allow me to lease the house out for 10 years. I need their consent before I can do this. I have emailed them my situation and am waiting on a response.
Basically I'd like some opinions on what my chances are of my lender agreeing to this and if they say no is there anyway I can negotiate with them?
If I were a lender I would welcome the chance of a guaranteed long term payment every month but then again I'm not a mortgage company and they don't think like ordinary folk!!!