Renting

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mattp83

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Post by mattp83 » Mon Apr 19, 2010 4:05 pm
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Hi,
Hoping i can have a bit of guidance!!

I currently have a mortgage, in which all payments are up to date
Due to my wifes family relocating very near to my family, and her fathers ill health, we want to rent our property out and rent one in that area, is this possible in an IVA?
Heres the scenario:
Mortgage payment : £377 p/m
Rent gained: £550pm not including 13% management fees to agent
New Rent: £560p/m

I know this isnt ideal, but any help would be much appreciated
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Adam Davies

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Post by Adam Davies » Mon Apr 19, 2010 4:48 pm
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Hi
Well you will only be 81.50p worse off per month so as long as it doesn't impact your IVA payments I can't see a problem
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Tue Apr 20, 2010 12:54 am
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Not sure I follow the maths on that one Andy. How do you calculate the 81.50p?
Regards, Melanie Giles, Insolvency Practitioner
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FormerlyST1100

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Post by FormerlyST1100 » Tue Apr 20, 2010 8:02 am
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From what I see the actual rental income is £550 less 13% fees, which comes to £550 less £71.50 getting ££478.50.

The new rent they will be paying is £560 so the difference in I&E will be £560 less £478.50 which is £81.50.
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