Mortgage issues, advice needed....

garetham

Hi All

I need some advice please.

I have a mortgage with IF for £144000.00 i have tried to sell house for the best part of 9 months for this amount, but like most have not found a buyer, i am now renting it out for £650.00pcm, my mortgage repayments are £830.00.

We are in the process of moving to Oz and will have to continue to send money back to keep up with the mortgage repayments.

As the house is now in NE, are there any other options i have to try and reduce the monthly amounts. I might be able to get a off set mortgage with IF and that will be fixed at 1.5% over base rate for 3 years with 5k in an account that would bring down the repayments to £700.00.

Just some other info, im self employed and my name is on the mortgage and my missis is a nurse.

Any advice would be great

G

Mateus_2

garetham wrote: »

Hi All

I need some advice please.

I have a mortgage with IF for £144000.00 i have tried to sell house for the best part of 9 months for this amount, but like most have not found a buyer, i am now renting it out for £650.00pcm, my mortgage repayments are £830.00.

We are in the process of moving to Oz and will have to continue to send money back to keep up with the mortgage repayments.

As the house is now in NE, are there any other options i have to try and reduce the monthly amounts. I might be able to get a off set mortgage with IF and that will be fixed at 1.5% over base rate for 3 years with 5k in an account that would bring down the repayments to £700.00.

Just some other info, im self employed and my name is on the mortgage and my missis is a nurse.

Any advice would be great

G

Hi

You have 2 options: remortgage into a interest only buy to let mortgage or ask IF to change to interest only mortgage as you are renting out and trying to sell.

Cheers
Goncalo

herbiesjp

If the property is in NE (Negative Eqity i think you mean) - then youare not going to be able to re-mortgage let alone re-mortgage to a BTL.

Have you advised IF that you are renting out the property?

Mateus_2

herbiesjp wrote: »

If the property is in NE (Negative Eqity i think you mean) - then youare not going to be able to re-mortgage let alone re-mortgage to a BTL.

Have you advised IF that you are renting out the property?

I do not know how someone can say you are unable to remortgage if does not know your circumstances!?

If you wish to remortgage for BTL mortgage you may have put some money down, if you cannot do this you can always request IF to change from repayment basis to interest only, if you are on a repayment basis, so you may pay the mortgage with the rental income.

These are viable options.

I hope this may help you.

Cheers

herbiesjp

I was basing my response on the information provided

I also asked for clarification on the rental situation

You may want to read the mortgage adviser code of conduct though and amend your signature - as you're currently breaking the board rules, I'll provide the link for you:

http://forums.moneysavingexpert.com/showthread.html?t=325378

Hope this helps you :rolleyes:

Right that's enough of that let's wait for the OP to come back shall we?