Residential mortgage and ERC

nickna_2

Hi,I need help please!!
I have a residential mortgage with fix rate till 2018 with early repayment charge (ERC) of £8000.
The problem is that I need to rent the property and move abroad.
The bank will give me a permission to let just for 2 years and after I should go back in the property but it is not enough!!!!!
If I rent it out I will not make any profit,the rent will cover all the expenses.

What kind of solution do I have,I don't want to pay the penalty obviously what else I can do????????
Please help!!

opinions4u

nickna wrote: »

The problem is that I need to rent the property and move abroad.

Whatever your reasons, the lender has the right to enforce the terms and conditions of the mortgage that you signed up to.

The bank will give me a permission to let just for 2 years and after I should go back in the property but it is not enough!!!!!

Have you asked what their policy is at the end of the 2 years? Would they consider an extension?

What kind of solution do I have

Sell? Remortgage to a buy-to-let deal?

I don't want to pay the penalty obviously what else I can do????????Please help!!

You are contractually committed to the penalty.