hi, wondered if anyone knew if it is ok to keep mortgage payments and save them up for rent payments, we went br in april and are still in our house we have paid our mortgage up till now but can no longer afford it, so will have to rent but will need several months in advance, we plan to use mortgage money untill they chuck us out and then move in with family until we save enough money to cover the rent,bond etc does anyone know if this is acceptable to the OR or will they think it is saving and want the money.x
i dont see why not how else would you get 6months money upfront for rent. im sure it takes quite a wile before they can kick u out, that would give you enough time to save. i hope that has help. my friend went br she was already renting but wanted to move she borrowed money off fammily as she couldnt save as didnt have spare cash but you have that oporuntinty to do this, i will say she had a night mare getting a place even though she had the money up front they treat u like your a crimnal. good luck
THANKS NEMO , im not looking forward to it , i have been looking of a private landlord but there is none in my area only flats, i have emailed some local letting agents to explain situation but they havent even bothered to reply. x
I may be way off mark here but I thought once you were 3 months behind with payments the mortagage lender will start proceedings to recover the property, regardless of the BR. Best to check up on this, its much better to jump before you get pushed, you will get a better landing.
The three months rule just gives the the entitlement to commence proceedings, but some lenders actually take a little longer with the process. In the meantime, the OR will not be too disturbed if you are saving your non-paid mortgage money towards a rental deposit, as this is a practical solution in order for you to find a new home.
