Thanks for that elcato, I should have searched the forum before I posted.
I wouldn't want it to turn into a landlord situation or a profitable setup persay, move of a 'help each other out' situation.
The mortgage payments would have to be in or around the same amount for both homes. I don't think that anyone should gain financially from the swap. Its about paying the same in rented accom as you would in your own home but basically live where you want to live instead of where you have to live. As long as there is neg eq and neither party can sell.
Of course if there was a shortfall on either side or a gain, then anything over should be counted as income and taxed appropriately.
You would still own your home and the other family would still own theirs. But, due to work/growing family reasons everyone would be where they want to be.
Maybe the govt should facilitate it, allowing MIR to continue. Although when I think of it, if they have nothing to gain from it, why would they
Just to be clear. I don't think landlords should have the option to do this, it should only be allowed if its your only home and PPR.