Really need some advice, in some trouble...

grayz

silvercar wrote: »

The lender won't let you sell unless you can find the money to clear the mortgage.

I'm very naive because I didn't know that...
I don't understand what they want me to do?? I've said I will take on the mortgage but they won't let me, but then I can't sell it because I don't have 15k+ to make up the outstanding mortgage!?

Rock and hard place anyone??

Thanks for all the replies so far. Anyone else any ideas please?

SouthCoast

Advice from CAB on mortgage arrears:

http://www.adviceguide.org.uk/index/d_mortgage_arrears.pdf

Euphoria1z

is the mortgage on interest only? is the flat fully let? whats the shortfall? if its not on interest only then change it to interest only to reduce payments.
if your staying there also then perhaps move out and stay with friends family or even rent yourself cheaply to increase your disposible income. if the flats fully let and is up for renewal then increase the rent abit. instead of letting the flat fully, let 2 the rooms individually to squeeze a bit more rent out.

not recomended, but if you have a living/sittingroom then let that out aswell as long as the kitchen is seperate, if its near a university then this is ideal for students. Do what ever it takes to make the min payments and NOT to default.

if all this fails then sell as soon as possible for whatever price you get so your not making the situation ALOT worse than it already is (in this current financial climate where you could loose more).

you could always get a loan to cover the payments short term BUT only if you know you can return the loan back/sell the flat for a good price otherwise its not recomended to service a debt with another loan.

do the above, work as many jobs as u can to keep your flat.
another option could possibly be to sell part of your house, i.e sell a quarter/half share etc. If you know some one with spare money, get them to invest in you for a share in equity (but thats very long term)

chin up and GOOD LUCK