rent increases

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G
GRIFFKINS
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I have been letting my property for 2 1/2 years at a rent of 525.00 per month. (My mortgage payment being 546) I have now come to the end of a mortgage deal and cannot get any deal due to the high loan to value which was 85% but with property prices decreasing and the rent not stacking up. I have requested my letting agent to advise my tennant of a future increase to 575.

My Letting agent says that he thinks my tennants will be unhappy with any increase but says I could try for 550. I do know of similar properties which are let for 585.

My tennant has served one 6month STA and is now on a rolling contract.

Have spoken with one or 2 mortgage advisors who say they can get me a mortgage deal if I put in an extra 15,000 or so.

Are other landlords in the same boat? Are they all increasing rents?
How do I get out of this catch 22? Any advise would be appreciated.

My letting agent is hoping I will meet the tennant and agree a rent of 550 - but this is just not enough.

How do I get out of this catch 22? Any advise would be appreciated.
Trudy

24/05/2008 00:00

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