NB DW

There's precious little interest in the room I've advertised for let so far - it's only been up 48 hours though I suppose, so I'm maybe impatient! I think demand for it being let in full might be better. The lender said they'd add 1% to my interest rate which adds maybe £40 a month but no need to remortgage.

Thank you

I won't have a residential mooring and the marina won't allow for use of their address for mail. So for that reason there'll be no council tax. Letting my property out of course means the tenant would of course be liable. This is more a question of it counting as fronting, using somebody else's address to obtain credit etc, but not living there.

Firstly, thanks for everyone's input on my previous thread. Just a quick question to those who've experience of living aboard. I'm still contemplating letting my home out in full rather than taking on a lodger. I'm able to register my bank accounts, cards etc at my dad's home, as well as driving licence and passport, and also use his address to update my mortgage provider too. I cannot register there for council tax though or pay utilities at that address, so I'm basically using it as a forwarding address for post. I don't know if this is the equivalent of fronting though. Are there legal implications or wrongdoings here? And in the future, when I want to remortgage or access credit etc, what then? Can I use my dad's address and my credit history be linked to that? I'm sure plenty of people who are living with their parents, regardless of age, are basically doing what I'd be doing in terms of using their address (other than not actually residing there) and not having bills in their name. I'm really anxious over making a mess of this. Any advice welcome.

It's an expensive way of doing it, but it'll be paid off within 4 months or so, and so the interest will be negligable. I logged straight into Experian when I got the knock back, I don't have an upgraded account so can't see all the detail, but did see my score was 977/999, so presumably nothing wrong.

There's no clear definition of what consitutes a live-out landlord in this sort of circumstance, other than it being reasonable to believe it's not their primary residence based on the amount of time they spend there. I'd be going back at least once a week, maybe a little more, anyhow. As you say, with the contract in place you can issue notice and evict fairly quickly if needed, and hopefully quicker than the time it'd take for them to object on the basis they see themselves as an assured tenant. Other forums are littered with what's likely to be bollocks advice from people with no understanding of the law outside of what they've read on Facebook, telling others where the relationship in the sort of set up I'm looking for has gone wrong, they should challenge it and not lawful. I doubt much comes of it.

The nearest uni is Keele which is 25 mins by car so not sure it'd attract anyone, maybe a mature student who's not at uni much. Reeseheath college is close by though, so maybe some interest there. I had the deposit form back from the broker today for me to return but my nerves have been shook and I'm getting cold feet. The forms haven't yet been returned. I think it started this morning when I logged into my online banking to apply for the additional money. I was turned down! I've never been refused money before so I was taken aback. I'm trying not to take it personally - I appreciate an algorithm made the choice - but cannot understand why since I've banked with them for 21 years, have taken out and paid back several loans with them in the past, have nothing on my credit card with them, and have £35K in my current account. I've zero dependents etc and no other financial commitments. Bizarre. I've applied for a Post Office personal loan. Apparently they couldn't reach a decision online either and will be writing to me. So I resorted to a zero % purchase credit card and have been accepted. Trouble is, the broker won't accept part payment by card, and I doubt the surveyor or dry dock will either. Worst comes to worst is I can take a cash advance using my credit card, transfer it to my current account, and use that to bridge the gap. Then spend next to nothing for 3 months to get it all paid off! This isn't really how I'd like to have done it and it does make me feel nervous. Especially coming from a position where I've got a chunk in the bank to then needing to resort to this sort of stuff. Hoping I can keep my nerve and see it through. I had a look at the agency fees for managed lets. It's not so much the monthly chunk they take, it's the massive chunks they take for finding new tenants, inventory fees, exit fees. Just about everything. Having rented for years before now I know just how useless these guys are too which makes it worse.

I've had a pretty sleepless night over what to do. Taking on a lodger but not living in the property full-time could become a problem if I were ever to take on a difficult lodger who I wanted to move on. From what I've read it's generally accepted the landlord may not live there from time to time for short periods (source: Gov UK). Since I won't be then it could be argued the tenant would actually be covered by an assured tenancy agreement which gives them all sorts of rights that a lodger wouldn't be have. I'd rather start off down the right path from the get-go so I've not got the worry over 'what if' and anxiety. It'd ruin the whole experience and point of getting another boat. So it looks like it's a let in full or nothing. My other worry is re-mortgaging/credit etc since I won't have a residential address and therefore nothing to continue to build my credit file on. I'd have no council tax or utilities or anything lenders usually ask for. I could use my dad's address potentially instead potentially. I'm not sure how others have gone on with this sort of thing - I'd be keen to hear... As soon as I tell my mortgage lender the property is let then presumably they'll need an alternative address.

I guess I've been very open about my circumstances including age, property, income, debt etc. They're the basis for whether a decision is right or not. The only uknown is the emotional or personal elements - they have their place too - but only people who know you, or think they know you can make a call on those. I find the responses intriguing too. I'm making the assumption the users of this forum and those who've replied probably represent a huge cross-section of people and more importantly, have the benefit of life experience and so are well placed to offer a meaningful reply.

I definitely won't be in a position to CC. I've a car and I work in a fixed location, and I can't be bothered with the game of hide and seek. I live 10+ minutes from the the mooring will be, so everything can be kept in check. Not having a residential address would be a concern but I suppose there's nothing stopping me using it, even if it were let out in full, for banking etc. I've been a bit green over the capital gains tax side of things. The house is valued at around £135K right now. I need to calculate how much I'd have to pay out in years to come. Re. relationships, if it happens it happens. Living aboard full time might attract some and put others off. But that's their problem. I do accept though it could be a game changer if and when it happens. I can fully relate to the comments on losing the assets you've built when your health turns poor. My mum moved into a care home in January of this year due to Alzheimer's and we've had to defer the payments against her property. Don't get me wrong, this doesn't mean to say this should be licence to spend with impunity and be reckless with money on the basis you'll lose it to the state if you become unwell. Look at it this way, the very fact my mum owned her own home allowed her/us a choice to reside in a much better home than had she not. So it does pay off.

Thanks. Not sure having read back what I'm about to do makes me sound switched on though! But appreciate the comment. A plan B - what would you consider a plan B in my situation? Genuinely interested. I'll definitely update on the boat.

Thank you. I'm in Cheshire East. I've read a fair bit about self-managed v's agent managed. Sometimes, and this is from what I've read from landlord experiences too, I'm not sure that agents add much value. Property still gets trashed and rent still goes unpaid - for me they're the two main worries - and there's very little the agent can do about either. I'd be making sure my insurance policy covered non-payment of rent without a doubt. I was amazed at how little home and contents cover was, even with all the boxes ticked including non-payment of rent. For my property it's easily had for under £300 a year. £400 was the figure for lodging and not the property outright. Around £420-450 a month looks to be going rate for lodgings on spareroom etc for CW5 location. Letting out it should be around £540 a month.

Thanks. I'll do some reading tomorrow on this. I guess what defines me as living or not living there is what matters... it's still my primary residence, arguably, and backed by the fact I pay the council tax and utilities. I just happen to like sleeping on a boat instead for most of the week. Yep, just a small 2 bed 15 year old home. Profiteering definitely isn't the motivation for what I'm doing. If it was I'd need my head testing, as you say, the profit would be negligable if I were to let the house out completely. And there's no profit whatsoever in taking on a lodger - they're only there to cover the mortgage, or pay my moorings, licence, diesel etc depending on which way you look at it.

3.4% I think with NatWest who I've got the current loan with, and they'll top it up with the extra I need. I think I might start with the lodger route initially and see how it goes. One of the selling points I'll be using is that I won't be there, so in essence they're getting a whole property, utilities, council tax etc included, for £400 a month. The rooms aren't huge but the property's in a nice location and absolutely immaculate.

It's hard to say. The worst is yet to come, potentially. But I've been quite lucky and put a chunk in around April across varying index trackers and came out with £1200 more. The shares in these funds have since been sold and it's readily available cash now. I think you might have a point with the house though, part of me does want to do it 'properly' so to speak. It's just if I end up with a nightmare non-paying tenant it'll be far harder to manage than it would be with a lodger who turned out to be an idiot.

Including what I already owe and what I need to borrow - £20K against £56K gross income. It's a personal loan spread over 8 years but I'd be making overpayments.

Absolutely and that's why I was mindful about this coming across as some sort of boast. The house is nice but modest and managable, and in a decent location, so I'm very fortunate. It's had 3 owners from new. The current third owner has owned it around 18 months - it was bought as a liveaboard - evidently something's not worked out perhaps as he's moved back to land. The boat is for sale at the same broker they bought it from and for the same price, I think, as they paid. I've put a number of bids in only to get knocked back, until today.

It's a little under 50ft but from a well respected builder with a very decent specification and shell, built in 2007. It could do with a little cosmetic attention but we'll see what the survey throws up. I'm paying a sizeable chunk less than the asking price too. Thanks. That's true. But I was a bit of a softie, nipping home and doing the washing etc. That said, being aboard a 25ft boat that didn't even have a 6ft 10 beam too, was largely enjoyable if not a bit limited. So I reckon if I've done that and liked it then a 50ft with far more space and amenties should be even better.

Thanks everyone. Sometimes I can't help but feel that when we say "life's too short" it's a way of justifying a decision we know isn't sound. Almost like it trumps all sense and logic. But at least I can back it with saying I could always sell the boat if things didn't work out I suppose. Family and friends reckon I should go for it too. Money has no value beyond the happniness it brings.

The house is a small, new-ish build, so should be easy to keep on top of. Without wanting to sound like an idiot, lodgers have far fewer rights than tentants and eviction if far easier should I pick the wrong person. That's another reason I'm probably going to go down the lodger route too. Plus it's nice to know I can walk into the property at any time to check on things. I do feel secure in doing it but most would think I'm mad for emptying my bank account, taking on more debt, to buy a £50K boat given the state of the world at the moment.

My income's tied to a fixed location and likely always will be. That said, having a boat would also allow me to move easily for a new job. I've been flexible with locations in the past and it really helped me climb the ladder. I'm in the north west so moorings for a 50ft in a nice marina are around £2,500. I'm awaiting a spot to come up at the end of garden farm moorings I've had before which work out quite a bit cheaper still, and there's hook up etc too. Initially with me taking on a lodger there'll be no need to use a agency or agent etc. I'll advertise the room privately and sell it on the basis I'm a live-out landlord which will be attractive to most would-be lodgers who are often forced to live in a house of multiple occupancy. The mortgage provider has no problem with a lodger and I can up my home insurance accordingly too. I'd be a little financially better off letting the house out - I have consent to let - but wouldn't have a resedential address, I'd be taxed 40% on the profit whereas having a lodger attracts no income tax up to £10,000 a year, and at least I can keep a good eye on the place as I can come and go when I like.

I'm conscious that the written word doesn't always come across as intended and is open to interpretation by the reader. And so I thought it worth at least saying that none of the below is intended to come over as cloaked brag etc about the choices I've got. Instead it's to gain the opinion on here which I'm sure will be reflective of varying different age groups, life experiences etc... I've relatively new to boating, my last boat being an Aintree 25ft, which I sold a few weeks ago. I'm in my mid thirties, single, no dependents and have a very decent income and I'm on the housing ladder. I've a relatively small amount of personal unsecured debt - £12K - and very modest outgoings, largely because I don't choose to buy/subscribe/lease expensive non-essentials which drain money, boats aside obviously! I used the Beetle extensively, living aboard 6-7 days a week, for a three month period at once stage. I had the luxury of going back to my home which was only 15 minutes away from the mooring to wash clothes etc. And with having the house I didn't have to worry about fitting everything on to the boat. But by and large the boat was used for weekends and weeks away. The idea behind selling it was to buy something much larger and liveaboard full time. I'd then taken on a lodger rather than let the house out, at first anyhow, which would still allow me the benefits mentioned above plus retaining a resedential address. Now that I've got the money in the bank from the sale, plus my savings, I'm beginning to talk myself out of it. I've found a cracking boat and had an offer accepted. However, it means borrowing a little more money on top of my current personal loan. Taking emotion out of things, the 'right' thing to do surely would be to clear my debt instead and chuck a wedge in my stocks and shares ISA. Instead, I'm wanting to do the opposite! It's not that it's not affordable but maybe not sensible or rational. The flip side is, life's too short. My mum was diagnosed with Alzheimer's in her mid 50s, plenty including my grandparents, worked and saved their whole lives only to barely make retirement. And with what's going on in the world at the moment I'm sure many will probably be thinking the same. I'll still own a home (well so long as I pay the mortgage!) and if it ever came to it and I had no other option, I could always sell the boat on. So what do you reckon? Hit the button on the deposit tomorrow or risk losing the boat? Or bank the cash, clear the debt and be sensible....

Thanks for the feedback everyone. Interesting reading.

I don't disagree there. So maybe it's all down to snob appeal, much like their boat building equivalents then.

Many thanks for that explination. Appreciated. So in a nutshell, thickness aside, shell quality in terms of steel will be much of a muchness wherever and it's all down to decent protection? I wonder why, other than their slab-sided design, EastWest get such a slating if this is the case? Lots of comments around them being crap, Chinese steel etc. I'm told they were 2 pack painted from new and when surveyed most come out extremely well.