Paying someone's mortgage by renting

[silverfox]

I have a mortgage and just rented out my house in Brighton. There are many reasons one may choose to rent or buy but as I now live where I work I took advantage of a council scheme to do up empty properties and use them to house less fortunate people. So they paid £34,500 to do all the work I was intending to do in the future and now have taken it off me for 5 years and guarantee the rent for that period. Happy days I guess the point was to say that long term rentals are out there depending on circumstance .

It is a great deal for me, only catch is if I needed to move back in there before the term is up then I would have to pay there investment back based on how long was left.

[tfish]

That sounds ideal, esp the garen rental part.

How long was the prop empty for? Did the council app you or did you apply yourself

[silverfox]

It had to be empty for a year and they had put something called a golden ticket through my door. To be honest I threw the first couple in the bin as I found it hard to believe that such large grants were available depending on the property size . I had to justify why I needed the full amount and get a quote to show I was going to " spend some of my money" as well. It was still hard and took a year longer than I expected as you have to pay for stages of the work and then ask for payment . Bit of a catch 22 they want to help by giving you the money but not til you spend the money in the first place, but that's our country for you ! not sure if it's something all councils were doing but probably worth a look you just need to prove its been empty and needs work to make to habitable.

[daniel22]

Yeah I did that too and in the end it worked out well for us.