I am glad you worked out your goal - to keep the house until the market changes and rent it out in the meantime. Sounds like you have a stand repayment mortagge.. yes, you can switch (once usually) to a different method, so yes, I think suggesting switching it to interest only is a great idea. You just need to fill in a simple form for this, no charge to switch the terms. I dont see any benefit in continuing to pay off the capital if you intend to sell in teh next 1-2 years anyway and you will more likely cover your costs with rent if you switch it to interest only. Landlords insurance is abuot £200 a year (instead of buildings, so you cancel that) and the Landlords boiler certificate is about £60... and other than smoke alarms and presuming your boiler is not condemnded.. you could get it rented out ASAP I reckon!
So, what is the plan for tommorow, or have you not got one yet?
Al x
Me:40! H:37 Together: 12yrs IDLY & left 11/07 ADs 03/08 OW 8/08 Reconciled 05/09 now married! my thread
