Mortgage and property advice

Patricia_Panico

I purchased a property in 2007, it was for my son's and myself. The purpose of buying the property was to change it in the future so that it would be 2 flats one for my eldest son and the other for myself.

Since that time I have a new partner who initally moved into my property, incidentally it is on a resi mortgage. However as time went on due to problems with the neighbours and the stress caused by this my partner decided to move and rented a property which I then moved into him with. I spoke with the mortgage company who agreed that i could rent it out, this was June last year. They only granted me a year on this and then said I either had to move back in, sell it or remortgage.

The problem is with the downturn in the market I cannot sell the property and there is not enough equity in it to remortgage onto a BTL and also as I am now settled with my partner in his place and so is my son I don't want to move back on my own. Additionally as my income has nearly halved due to redundancy etc I would struggle to meet the monthly bills continually.

Can anyone give me any advice on this as I want to sell it but want to try and ensure that I am not left with a large debt which I could not repay. The planning permission was granted on the property to convert it legally and it is of a size that would be ideal for an HMO.

dimbo61

Its a buyers market at the moment with lots of people struggling to get a mortgage and loans to convert one property into 2 flats thin on the ground.
The rules and regs to turn a property into a HMO are complex and expensive.
Sell it for what you can and hope to not end up with a debt