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Btl
Generali
Posts: 36,411 Forumite
Is your principal private residence normally used as collateral on a BTL as well as the BTL property?
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Comments
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I have btl and wasn't asked to use my home as collateral, but maybe it depends what percentage you're asking for? I think there's always someone who'll give you the loan you want, just watch out there's not a hidden catch somewhere else as they all want their pound of flesh.But there are dreams that cannot be,and there are storms we cannot weather!0
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I'm not interested in getting a BTL loan, just want to know out of curiosity.
What I want to know is if you buy a house or flat on a BTL mortgage and it is later repo'd by the bank and sold for less than the value of the loan, what happens if you can't (or won't) make up the difference? Would your PPR be sold or have a charge put against it? Would someone with a big house be forced to sell and move to a smaller place? What about assets held in a pension? Or personal belongings (TV/computer/iPod/tasteful loo roll holder shaped like a doll).0 -
I don't know for definite, but I can't see why a debt resulting from a BTL being sold at less than the outstanding mortgage would be treated any differently than any other debt, so yes, there is a possibility that if there is significant equity in the owners PPR, they could expect a charge against it if they were unable to make up the shortfall any other way.
Wow, that's a long sentence!The past: Single teenage mother of twins: debt everywhere!
The present: Wage slave for a FTSE 100, no debt but the mortgage & my time.
The future: My time will be my own, my money will be my own.
Will the Wonga Wallah help you solve your debts by increasing your income?0 -
http://www.debtquestions.co.uk/debt_forum/viewtopic.php?t=15783
Bang goes me Pension!
I wonder how many more of these we'll see in the next few years?0 -
and how many people will auction them all off in one go to get out of debt only to get a 40% tax bill :eek:mystic_trev wrote: »http://www.debtquestions.co.uk/debt_forum/viewtopic.php?t=15783
Bang goes me Pension!
I wonder how many more of these we'll see in the next few years?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Here's another from the same source. This bloke has an IVA but wants to get into BTL.
http://www.debtquestions.co.uk/debt_forum/viewtopic.php?p=141841&highlight=#141841
What on earth are we coming to, when someone heading towards Bankruptcy thinks they can start "Investing" in Property!0 -
Crickey!!! It's just as well that property only ever goes up. It's no surprise that the poster is almost bankrupt. I think we're going to see a lot of these sorts of postings.
If you are bankrupt do you have to sell your PPR to clear your debts?0 -
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