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Northern Rock nightmare
Comments
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Why's everyone got so down on the OP? i don't see the problem.
To the OP, you're obviously in an annoying situation. Hopefully NR come through and are sensible about it and work to a compromise with you.
The thing is, NR are being sensible about it!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Well it does seem that you want to have your (beef) cake and eat it. You either need to conform with NR conditions, get a new BTL mortgage (at higher rates) or sell the house. It may well be a bad time to sell, but them's the apples.. many people do not have even one house so your dilemna is hard to sympathise with.. especially as your mortgage is from my money.
Nicole B.. Sell the house.... accept the loss.... Move on...tribuo veneratio ut alius quod they mos veneratio vos0 -
Hi OP,
I understand the position you are in, and wont slam you for trying to moneysave, unlike some on here :rolleyes:
The thing I dont understand is how is owning a house / liability any different to having the cash in the bank. Cash IS secuurity should it all go wrong with the new OH.
In any event if you rented out your house on an AST then you have to honour that contract - you cant just boot out your tenants, if you wanted to move back into the house.
So therefore having the cash in the bank is infinately more security than a house that is let out. You could take that cash any time and rent elsewhere in a heartbeat- plus the cash will be appreciating, wheras your property probably wouldnt be??:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
So the only thing we can do is leave the property empty, we are major negative equity, can't afford the fee's to chaneg mortgage lender so have a house which we have no idea what to do with.
Now THATS financial irresponsibility![FONT=Arial, Helvetica, sans-serif]Rise like Lions after slumber
In unvanquishable number -
Shake your chains to earth like dew
Which in sleep had fallen on you -
Ye are many - they are few.[/FONT]0 -
I sympathise with the OP as we are in exactly the same position.
We have a house which is mortgaged with Northern Rock, we had to move to the other side of the country due to my partners work commitments so we spoke to NR who said no problem and just fill in the consent to let.
So we did and thought nothing about it, one day before moving out we recive notice from NR saying they will not let us rent the house out for the same reasons as OP. :eek:
So the only thing we can do is leave the property empty, we are major negative equity, can't afford the fee's to chaneg mortgage lender so have a house which we have no idea what to do with.
did you have to breathe on a mirror to get a mortgage???It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
I don't understand how you can say we are financially irresponsible
We both work full time and brought a house to live in, then had to move for work purposes.
We certainly didn't make the negative equity in the house ourself and wish things were totally different. If I had a crystal ball 6 months ago and knew what was going to happen with the housing market then we would have acted accordingly at the time.0 -
If I had a crystal ball 6 months ago
The Party is over.
It ended 12 months ago with the death of Northern Wreck.
The hangover will last for years, not just a blip that will have ended by Xmas.Living Sober.
Some methods A.A. members have used for not drinking.
"A simple book for complicated people"0 -
Nobody knows what is going to happen in this day and age. When these things happen we just have to deal with it as best we can at the time.0
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History tends to repeat itself.
Fast forward ten years to the debt forums on this site:
Please help, I am still being chased for a debt with Northern Wreck that goes back to 2008.Living Sober.
Some methods A.A. members have used for not drinking.
"A simple book for complicated people"0 -
Marnie, you took out a residential mortgage under NR's terms, so they call the shots. You chose a fixed rate contract, so can't really complain about the redemption fees.
However, you have my sympathy in your predicament. Barnaby Bear's suggestion seems the ideal answer. Keep one or two rooms for yourself, a bed made up and personal possessions you don't need, and take in lodgers. They will be in heaven, your house will be looked after, the mortgage covered, and best of all, you will have somewhere to escape to if/when you need it. And you can get rid of the lodgers easily if you need to.
Keep the bills in your name, but you will need to tell your insurers if you have unrelated lodgers.
Then if the new bf turns out to be like the last one, you at least have a home.0
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