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21 October 2012

Is there any way around paying an increase in mortgage rates when renting your home?

We couldn't sell our 1st home last year as we were in significant negative equity and needed to relocate for our jobs after being made redundant. We decided to rent our 1st property out and buy a 2nd in a location suitable for our jobs, however our rental income doesn't cover our mortgage repayments. Now that we have been renting our property for over 6 months our mortgage providers Nationwide have increased our repayments by 0.5% which means we need to find another £150 per month. As we are already covering the difference between the rental income and our mortgage, we are significantly out of pocket. Is there a way around this?

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