NRAM, consent to let and remortgaging

Curious123

Hello

I have an interest only mortgage with NRAM on the general rate as my fixed rate ended a few years ago. Monthly payment is £378.20.

We put the house up for sale summer 2012 but it wouldn't sell so we obtained a CTL from November and rented it out; we moved into rented and are very happy.

Our tenants were a complete nightmare, didn't pay, trashed the house etc but we got them out and some new (lovely) tenants moved in from July and signed a 12 month contract. NRAM has just agreed another year of CTL but implied from their letter that we'd need to see an IFA as the agreement couldn't go on indefinitely.

House value is c£110,000 and mortgage is c £101,000 so not much equity. My salary is c£33,000 and partner can't be involved as he's got a terrible credit rating due to being in a DMP. I (we) have a loan for c £15,000. So bit rubbish really.

I think my options are:

1. Move back in. (Don't want to as too small, miles from son's school, town centre location whereas we now have a garden)

2. Try and sell. (We are literally potless at present due to ex-tenants screwing us over. So affording estate agents fees would be a challenge.)

3. Try and remortgage to a BTL. (My salary should be OK but probably not enought LTV).

4. Throw myself on the mercy of NRAM and ask for CTL for another few years until we can get sorted.

I understand from this forum that NRAM are trying to run their book down so 3. probably won't be an option so think I need to see a broker. What's the best way of finding a broker?

And what would you do? I work full time and job is secure (or as secure as it can be). Married with one five year old son.

Any advice would be greatly appreciated.

Thanks

Curious123

Current rent is £525 pcm

Simon_gloster

Not near a calculator but that rent looks non self funding. LTV knocks a BTL out so the rent just adds to a remortgage no-go.