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Need help with Northern Rock Letting Application
Rick_Dub
Posts: 6 Forumite
Hello all I hope you can advise us with our house.
I bought my house in 2006 and Northern Rock gave me as with many others a mortgage that was more than the house is worth so I could do some work on it and it would become more valuable and also consolidate some of my debts.
However, this has not been the case and as such I have a mortgage of £91,000 and a house which has been valued in the region of £87,000. When I took my mortgage out I was give a 125% mortgage split as follows £71,000 mortgage and £20,000 unsecured loan.
I can afford my mortgage that isn't the problem the problem is my partner and I now want to move and rent an apartment in the city and so want to rent this house out. the rent would 'almost' cover the mortgage there would be about £50 left for me to cover which is no problem.
However Norther Rock want me to pay about £25k off the capital in order to rent. This I cannot do but our only other alternative is to rent in Manchester anyway with my partners wage covering it and therefore stretching us whilst i continue to pay for this house whilst it lies empty!!
Is there nothing I can do - I don't want to buy another house just rent with my partner - surely it makes more sense for NR to just let me rent it and and pay £50 a month toward the mortgage than let it lie empty and cost me £500 a month and possibly??? I have new letting application from them but no point filling it in as my figures do not add up?
if I'm not buying anything else and the rental would go in my partners name (who has his own property on a buy to let) only why won't they let me rent???? I'm so frustrated!!
I did however get an offer for the property 2 weeks ago but was only offered £79,000 by a first time buyer.
Vicky
:mad:
I bought my house in 2006 and Northern Rock gave me as with many others a mortgage that was more than the house is worth so I could do some work on it and it would become more valuable and also consolidate some of my debts.
However, this has not been the case and as such I have a mortgage of £91,000 and a house which has been valued in the region of £87,000. When I took my mortgage out I was give a 125% mortgage split as follows £71,000 mortgage and £20,000 unsecured loan.
I can afford my mortgage that isn't the problem the problem is my partner and I now want to move and rent an apartment in the city and so want to rent this house out. the rent would 'almost' cover the mortgage there would be about £50 left for me to cover which is no problem.
However Norther Rock want me to pay about £25k off the capital in order to rent. This I cannot do but our only other alternative is to rent in Manchester anyway with my partners wage covering it and therefore stretching us whilst i continue to pay for this house whilst it lies empty!!
Is there nothing I can do - I don't want to buy another house just rent with my partner - surely it makes more sense for NR to just let me rent it and and pay £50 a month toward the mortgage than let it lie empty and cost me £500 a month and possibly??? I have new letting application from them but no point filling it in as my figures do not add up?
if I'm not buying anything else and the rental would go in my partners name (who has his own property on a buy to let) only why won't they let me rent???? I'm so frustrated!!
I did however get an offer for the property 2 weeks ago but was only offered £79,000 by a first time buyer.
Vicky
:mad:
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