Buy to let payment advice

malc2304

Hi I was hoping somebody may be able to give me some advice.

I have 2 properties one on buy to let and one on a residential mortgage
I recently moved to Canada to take a higher paid job to cover the offset between the rent I was getting and the mortgage costs after I had to drop the rental prices to keep them renting credit crunch and all.
While they were renting out I was just about managing to cover the difference.

As of last month neither property is rented out and I am unable to make the payments.
I contacted the lenders NR told me I need to get a consent to let pack which I didn't realise you had to do I do not think I will qualify for this based on another thread I was reading on the forum but they let me take a 2 month holiday period.
The other lender has let me take 1 month. (Both still tried to take the payments leading to bank charges).
I have recently put my properties with a UK based agency to try and get them rented out again but if they don't get rented soon there is no way I am going to be able to cover the mortgages. Both properties are in Negative equity which pretty much rules me out selling them unless I continue to make payments which I can't afford to do.

I was hoping someone on here may have advice on what options I have available to me I am not sure what I can do being based in Canada is making things harder.

any advice would be really appreciated.

thanks

Malc

silvercar

Do you intend returning to the UK? Will you need to get another mortgage here in the future? Are you in a career where a bankruptcy would effect your job/ prospects?

If not, then hand the keys back to the lender, let the lender sell at a loss and then go bankrupt to cover the losses. Six years time your credit record will be clear and you can start again.

malc2304

Well I am on a 3 year work visa so there is a possibillity I may return at some point.

Bankrupcy wouldn't effect my job losses

would I not need to be in the UK anyway to do this don't you need to attend court etc..