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Buying my flat was the worst mistake of my life.

232 replies

bibshamed · 08/12/2022 14:57

6 months ago, at 22 years old, I bought a 3 bed duplex/maisonette flat in Aldershot. It was fine, I liked living there, and we made it home. Well, my 4 year relationship fell apart, and I realised I only bought it because he loved it and I wasn't happy there. I moved back with my Mum in Cambridge and realised I made the biggest mistake of my life. It's in a terrible area of Aldershot, with electrical issues.

I had 2 nightmare lodgers who eventually left and are now threatening me with small claims court for not returning their deposit, despite leaving the place in a bad condition after, constantly complained and lied about extent of repairs needed, only 2 months (smoking weed inside, not ventilating or heating it, so mould) AND running into arrears.

I put down a £50k deposit, which I saved for 5 years while living at home and studying, for that money. I have priced it so that hopefully to break even after estate agent and conveyancing fees. I don't know why I moved so far away from my family, it was a huge mistake, and I realised I was only happy living there because I was with Him. I don't know what to do I just want to cry. I don't think anyone will buy it. I paid 165k for it. I think I may have overpaid. I feel so stupid.

OP posts:
PattyDuke · 10/12/2022 11:48

@HotChoxs😀

MrsMinxy · 10/12/2022 11:54

IfIGoThereWillBeTrouble · 10/12/2022 11:25

Have you considered ethical-lettings.com ?

Unless the OP has a BTL mortgage, it's unlikely her mortgage allows her to put tenants in. People do, all the time, but it can invalidate the loan and it also becomes harder to insure a property when there are several key holders.

Justthisonce12 · 10/12/2022 12:00

Most lenders will offer permission to let she doesn’t need to move over to a vital at Mortgage but of course when she comes to renew the mortgage when the fixed rate ends it’s likely that they will decline.

C4tastrophe · 10/12/2022 12:26

Worst mistake of your life, so far.

MrsMinxy · 10/12/2022 12:47

Justthisonce12 · 10/12/2022 12:00

Most lenders will offer permission to let she doesn’t need to move over to a vital at Mortgage but of course when she comes to renew the mortgage when the fixed rate ends it’s likely that they will decline.

Letting to tenants is mortgage fraud if it's done without the mortgage providers permission (usually, as you say, for a fixed term or an increase in the mortgage rate.) It invalidates the T&Cs. Worst case they can demand the whole mortgage repaid at once.
If they agree to it, then it's for a short time and after that a new mortgage has to be taken out.

That's why the OP needs to get her head around all of this, not be in situation where previous lodgers and going to take her to court for holding onto their deposit, when (we assume) they ought not to have been there anyway.

Far better to sell it even at a loss and move on- both emotionally and literally.
This thread may be better in Relationships as it's more about the emotional fallout of her break up and a bad decision around buying the flat.

Hopefully, her parents will be offering her support and advice.

Tekkentime · 11/12/2022 09:26

MrsMinxy · 10/12/2022 12:47

Letting to tenants is mortgage fraud if it's done without the mortgage providers permission (usually, as you say, for a fixed term or an increase in the mortgage rate.) It invalidates the T&Cs. Worst case they can demand the whole mortgage repaid at once.
If they agree to it, then it's for a short time and after that a new mortgage has to be taken out.

That's why the OP needs to get her head around all of this, not be in situation where previous lodgers and going to take her to court for holding onto their deposit, when (we assume) they ought not to have been there anyway.

Far better to sell it even at a loss and move on- both emotionally and literally.
This thread may be better in Relationships as it's more about the emotional fallout of her break up and a bad decision around buying the flat.

Hopefully, her parents will be offering her support and advice.

Getting permission is fairly easy and you get 2 years usually where you can rent it out.
Afterwards you either pay off the mortgage or get a BTL mortgage.
So it's not the end of the world!

Justthisonce12 · 12/12/2022 07:07

Tekkentime · 11/12/2022 09:26

Getting permission is fairly easy and you get 2 years usually where you can rent it out.
Afterwards you either pay off the mortgage or get a BTL mortgage.
So it's not the end of the world!

Precisely, do not be panicked into selling at a loss, that’s terrible advice.

Mortgage fraud indeed 🙄🙄

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