Advice re. NRAM negative equity and letting??!

BoGoF

andiepandie12 wrote: »

It's quite tempting to have the house repossessed, just to stop having to think about all this stuff.

You would regret that, it will just go to auction and you'll still be liable for the shortfall.

Thrugelmir

andiepandie12 wrote: »

God this is all very depressing. I thought i was doing quite well having sought advice about what to do when i moved, it seems not. It's quite tempting to have the house repossessed, just to stop having to think about all this stuff.

Once over the shock. Get stuck into resolving the issue.

Do you have any means of clearing down the negative equity?

BoGoF

If it were me I'd sell then negotiate on the shortfall, you should still be better of.

However you may have given yourself a problem by having a tenant. What is the length of your tenancy agreement (please don't say you don't have one!)

Oxid8uk

andiepandie12 wrote: »

They are not. My last broker told me i don't HAVE to tell them, but most people are advised to let them know.

You will more than likely find that your mortgage conditions require you to get the lenders permission to let the property out. If you don't get their permission then you will in breach of the conditions and therefore your lender can demand repayment of the mortgage straightaway.