NRAM mortgage advice

martay79

Hi forum!

I have a query I hope someone can help me with. !I bought my property in Birmingham five and a half years ago. !It was a northern rock mortgage and 110%... I know a big mistake! !

Currently my mortgage stands at £85,000 plus an unsecured loan of £22,000. !Currently to clear the mortgage I would need to sell my property for £107,000, currently its probably worth £85,000 (if I am lucky).

Me and my partner are looking to buy somewhere together. !I need to get a "consent to let" from NRAM. !I have read some horror stories about NRAM and wondered if anyone had any experience of this or advice?

The other option is seeing whether NRAM will allow me to transfer my mortgage into my parents name. !They own their property outright and have no debts. !Is this possible?

Thanks in advance for your help guys.

Matt

harvey115

NRAM is not taking any new business so, transferring the Mortgage to your parents may not be possible.

CTL may be possible, other forum members should be able to comment on this route.