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renting myhome with northern rock??
jamie2010
Posts: 5 Forumite
hi all.
this is my first post on the forum.i heard a lot of good things so i thought id give it a go.
right my situation.
during the economic downturn i had to change my mortgage to interst only to maybe ride out the finacial problems.i want to get my mortgage back onto repayment as im not happy with the interst only option.but money is still really tight.
so i call northern rock thinking they would be happy for me to rent if it meant i would be back on repayment and they were getting the money back i borrowed.
im told that i have to fill in a eligability form?? they haven't said no as the form hasn't arrived but im worried about this now.
it seems bizzare that somebody who is worried about being able to pay would have a door closed on them when they are looking for a good resolution....like i said they haven't said no but i am worried.
my mortgage stands at £137.000
my interest only payments are £543.00
i can easily command £750/£700 rent each month thus enabling me to get back on repayment.
has anybody else been in my situation? of course they may well say yes and everybody is happy.....but i have found northern rock rather abrasive in the past so i guess this fuels my worries.
thanks for reading
jamie.
this is my first post on the forum.i heard a lot of good things so i thought id give it a go.
right my situation.
during the economic downturn i had to change my mortgage to interst only to maybe ride out the finacial problems.i want to get my mortgage back onto repayment as im not happy with the interst only option.but money is still really tight.
so i call northern rock thinking they would be happy for me to rent if it meant i would be back on repayment and they were getting the money back i borrowed.
im told that i have to fill in a eligability form?? they haven't said no as the form hasn't arrived but im worried about this now.
it seems bizzare that somebody who is worried about being able to pay would have a door closed on them when they are looking for a good resolution....like i said they haven't said no but i am worried.
my mortgage stands at £137.000
my interest only payments are £543.00
i can easily command £750/£700 rent each month thus enabling me to get back on repayment.
has anybody else been in my situation? of course they may well say yes and everybody is happy.....but i have found northern rock rather abrasive in the past so i guess this fuels my worries.
thanks for reading
jamie.
0
Comments
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Don't understand what you mean by renting your own home? Do you want to switch back to a repayment mortgage or sell your home and rent it back?poppy100
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0
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just to update guys,iv been granted consent to let,im surprised if im honest as my mortgage is currently sitting at around 85% and i was told i needed it to be 70% and i was told northern rock made it hard.they were pretty cool in fact.
nice weight off my mind,i can now work on clearing my other debt.0 -
Thank heavens for tax payer funded banking.0
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Where are you going to live?
Do you realise you will be liable for tax on any profit you make from renting?0 -
poppysarah wrote: »Thank heavens for tax payer funded banking.
Not sure what this dig is for, the guy is obviously trying to keep up with his mortgage payments. As a tax payer, you should be more worried if he was talking about going bankrupt!0
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