mortgage plus secured and unsecured debt

big_problem

hi to all the experts out here.i am foreign student in uk.been here for 8 yrs.am originally from seychelles.i put down £35000 deposit to buy a house worth £230,000 in 2007 in london which is now worth around £200,000 .i have secured debts of £34,000 and unsecured debts of £17,000.
my problem is that am on student visa together with my wife and kid 6 yrs old.we have all been refused visa this month and needto go back to sechelles in 2 weeks.i have no savings.what do i do with the house and all the debts.

when we bought the house in 2007 we thought that we had a big chance to get permanent resident after a while,but the uk law kept on changing and didnt work in our favour.

thanks

dimbo61

Can you rent out the property and try and repay the other debts?

big_problem

thanks.
i can rent out for around £1100 a month.
my mortgage is £810+£200(secured loan)+£400(total for unsecured loan)
so i will £300 short every month withount counting any interest rate rise and estate agent fees to rent the house.i dont have savings and will have to start from scratch back home.
where do i stand?any advice
thanks

neverdespairgirl

Have you appealed against the refusal of your student visas? Are there ground for appeal? Had you been here 8 years in 2007, or is it 8 years now?

big_problem

neverdespairgirl wrote: »

Have you appealed against the refusal of your student visas? Are there ground for appeal? Had you been here 8 years in 2007, or is it 8 years now?

hello.

we have no right to appeal as we have changed at least 3 courses during the 8 yrs student visa.

first came to uk in 2003.

any help from experts please?

leveller2911

big_problem wrote: »

hello.

we have no right to appeal as we have changed at least 3 courses during the 8 yrs student visa.

first came to uk in 2003.

any help from experts please?

NDC is an expert ............:D and she wouldn't charge, which is unusual for a barrister.....;)

neverdespairgirl

big_problem wrote: »

hello.

we have no right to appeal as we have changed at least 3 courses during the 8 yrs student visa.

first came to uk in 2003.

any help from experts please?

If you had leave to remain at the time you made the application, and you made your application for further leave while your previous leave was extant, and as a result then had no further leave, then the refusal was an "immigration decision" which should trigger a right of appeal under the Nationality, Immigration and Asylum Act 2002.

maninthestreet

You've been a student for 8 years (so no job?), but have managed to secure a mortgage of almost £200,000, and run up other debts of over £50K - how did you manage to do this???

big_problem

maninthestreet wrote: »

You've been a student for 8 years (so no job?), but have managed to secure a mortgage of almost £200,000, and run up other debts of over £50K - how did you manage to do this???

its celf cert mortgage and the requirements was to have 15% deposit which i managed to get.bank never ask me if i have permanent resident or am tourist or student...


me being student means i can work 20 hours term time and full time during holiday.and my mrs can work full time all the time.

the deposit i put down to buy the house was borrowed from relative from back home.(£35000).so when i bought the house i took £35000 secured on it and returned i back.

the rest of the unsecured loan has been used to meet day to day expense

GMS

Which lender was it?

Self cering an income you did not have is a very dodgy thing to do.

Lender have acted poorly in not checking your residential status.

You really need legal advice and quickly.

herbiesjp

It sounds like you know the legal system quite well OP

So it amazes me how you didn't know putting down an incorrect income was not fraud - what income did you put down?