Northern Rock nightmare

SquatNow

Marnie_M wrote: »

If you read the above, I am relocating to live with my partner who owns his house. I want to keep my house independently and it's fixed. So Einstein, you have jumped to all kinds of conclusions and been unnecessarily unpleasant and unhelpful. Maybe you should take some of the money you have saved and get a life and some English lessons.

An excelent example of someone who's life hasn't "settled down" enough to buy a house. She was still looking for a partner.

Inevitably, when people "settle down" and get married or whatever it is you kids do these days, they get a house together. If they both own houses seperately, it's going to get complicated.

And all this because their parents, the government, the banks and all the VIs told them that if they didn't get on the housing pyramid soon soon prices would be too high and they'de never be able to.

Marnie_M

Thank you for your comments SquatNow, I did the partner/house thing before and as he turned out to be a cheating !!!! and paying rent where I live is near enough the same as paying my mortgage, I kept it on myself. Now I have some security I don't want to lose it, or have to rely on a man to provide a roof for me, but if the powers that be make it difficult then I'll have to sell.

SquatNow

Marnie_M wrote: »

Thank you for your comments SquatNow, I did the partner/house thing before and as he turned out to be a cheating !!!! and paying rent where I live is near enough the same as paying my mortgage, I kept it on myself. Now I have some security I don't want to lose it, or have to rely on a man to provide a roof for me, but if the powers that be make it difficult then I'll have to sell.

You see, part of the idea of living together is it is supposed to make cheating harder, since sneaking your mistress into the bedroom while your wife is asleep is difficult without the use of cloroform.

Bf109

SquatNow wrote: »

You see, part of the idea of living together is it is supposed to make cheating harder, since sneaking your mistress into the bedroom while your wife is asleep is difficult without the use of cloroform.

Chloroform - although carbon tetrachloride works just as well......

Pobby

Marnie, if you sell would you be able to pay off the mortgage? No negative equity? It`s a consideration. I am sure you know that Northern Wreck had a ``faulty business`` model and are no desperate to bring back some degree of sensible lending.Barn door, bolt horse!

Most lenders have gone into scare mode now so maybe, as suggested, you could look at another lender. As I understand it if you want to rent you have to have, I think, about 15% equity in the property.

barnaby-bear

Marnie_M wrote: »

My insurance is also void if I leave the property empty for more than 3 months. It is frustrating for me as I have been paying the mortgage for 3 years on my own, got more in debt despite having a reasonably well paid job for the area and no life, and my, and everyone else's tax is bailing this company out due to their financial incompetence. Now I want to move in with my current partner but don't want to sell as it's my security and moving out means I can pay more off it. So am I forced to stick or sell?!

Why not rent your largest bedrooms out to lodgers under the rent a room scheme? Tax-deductable, still your official residence, more rights to reclaim the house and kick them out with little notice, can check up on them if you desire - they'll appreciate a landlady who spends 99% of her time round her boyfriends. Or why not rent his house out and him move in with you if he has a better LTV.

Marnie_M

Thanks, no I'm not in negative equity- yet! I am fixed for 2 years and so there are about £3k of charges quoted when I asked this week and will look into changing lender. I will also look into the rent a room scheme in more detail if it means I can avoid fees and get some of the mortgage paid, etc. Thank ypu!

silvercar

Just rent it out. Get the correct building insurance, corgi certificate for the gas, tenant deposit scheme etc.

Many, many people do it without consulting the lender and live to tell the tale.

You would be in breach of a condition of your mortgage, but provided you do not fall behind with payments, NR won't do anything.

Trollfever

Just thought that I would add this to the discussion.

THE secret mistress of ex-Northern Rock boss Adam Applegarth bought FIVE homes in THREE years using loans from the bank to build a property empire now worth more than £1 MILLION.

Slim brunette Amanda Smithson was granted a succession of mortgages to fund the deals between May 2003 and July 2006—while she was a Rock employee on just £30,000 a year and Mr Applegarth was chief executive.

http://www.newsoftheworld.co.uk/news/article12181.ece

clutton_2

and we all give a tinkers toss about Amanda Smithson because ??