buy to let help needed desperately

lazza

hello all, i wonder if anyone can offer any advice please? I have a house worth approximately 120,000. I have a mortgage of 63,000 and a loan of 30,000 secured on it, unsure what the settlement figure is but guessing more!

My partner got a job with a house provided so we have moved out. I spoke to Nemo who have the secured loan with and they happy for house to be tenanted. I can't afford to keep up with the mortgage and loan unless i can do this. RBS who the main mortgage is with won't give me permission. They were really unhelpful and quite off hand with me.

They said i have to stay in the house
Leave it empty
or hand in the keys to the bank

If i hand the keys in i've paid a mortgage for 8 years for nothing, but i can't afford to leave it sat empty. I don't think i will get a buy to let mortgage with that amount of equity, i don't know what to do. They will let me sell it but it has to be kept empty and it could take months to sell all the time i'm paying a massive mortgage and loan. has anyone else been in this situation, i would be grateful for any thoughts.

Thanks in advance

figgles

If selling is something you want to do, price it to sell (i.e. realistically). The longer it's on the market, the more payments you have to make, etc, so you're better off taking a £2K hit up front say (i.e. lower house price) than ending up spending an extra £3K in monthly outgoings while you try to find a buyer.

As you've got some equity there, you could sell up, pay off the loan and mortgage and have a nice lump some left.

That's assuming you can't talk RBS round that is, I'd ask to speak to someone higher up the chain if you were getting nowhere, explain the situation and see what happens.