Buy to Let BR

buy_to_let_mistake

Hi

I am going to the courts next Monday to register for BR. I have over the last 5 years started a buy to let business (property training companies overestimated the rental able to achieve) and in the last year found that it has become so unprofitable that I am unable to keep up with repayments.

I have returned the keys to the mortgage companies but expect a large shortfall.

I would really like to hear from anyone who has had a buy to let business and had to go for BR. I will let you know how next week goes.

Best wishes

tigerfeet2006

Have you taken professional advice at all on going BR?

You really must do this as the judge could postpone your petition if you don't.

Numbers and links in my signature.

Welcome to the forum

buy_to_let_mistake

Thanks tigerfeet.

I spoke to CCCS in January and they went through all my finances. I have resisted for the last 6 months but recognised in June that I had to take action. I have called their BR team and they have helped over the last 2 months to get all my paperwork in order.

k2nga

sorry to hear about your business but it sounds like it has become a massive weight round your neck and i think you are doing the right thing.

Welcome to the forum.

Dez-Titute

Hi B2

Unfortunately it happens to the best of us.


In the words of the great prophet Dalip.

Keep your pecker up,and just remember




Cheers DEz

tigerfeet2006

Well done on taking steps to getting your life back under control.

buy_to_let_mistake

Thanks when I first made the decision to become BR I felt overwhelmed but now I am positively thinking about a future from under the burden of debt and just a little scared.