Another NRAM "together" problem

AbyssUK

Hi all from sunny Munich

Now all for my tale of woe, I hope somebody can offer some advice to help me out I am stuck. FYI This is our only debt we are clean with cc and overdrafts.

Back in 2007 me and my now wife bought our first home (in the UK), we got an NRAM together mortgage 119K secured and 22K unsecured for a 127.5K house. All was well for the first years, but then my company moved away and we had to move too. We tried to sell the house at the time and got no interest. So we got consent to let and we got some nice tenants and all was good again for a few years. Meanwhile I was offered a great job in Munich so we moved to Germany. While here in Germany we didn't like the idea of being landlords so far away and didn't like having to send money back to the UK to top up the mortgage payments, so we tried to sell again (we first offered the place to the tenants who almost straight away said no and then gave notice, which was nice). So now I have a house costing me 700 total a month and getting no rent. I rang NRAM and arranged lower payments (305 a month). That was November 2014, the house has been on the market the whole time. We started at 130K and even after reducing to 120K we have had little interest (one offer of 112K). We still owe 111K secured and 15K unsecured. I have no extra money I can magic up to do anything significant to the house to make it more sell-able. My reduced payments agreement runs out in June and I've just been told to get the place rent-able again I'd need to do around 2K in repairs.

What are my options ? If I rent it out again I'll be looking at needing to top up by 200 a month and cover an extra loan for the repairs. If I sell cheap Ill be stuck with a large unsecured shortfall.. I am stuck... what is my best option? or can you think of any other options I may have?

Thanks for reading and any advice you may have.

p.s. Yes I know I should have paid off the unsecured part by now.. if only life had a rewind button

silvercar

What are my options ? If I rent it out again I'll be looking at needing to top up by 200 a month and cover an extra loan for the repairs. If I sell cheap Ill be stuck with a large unsecured shortfall.. I am stuck... what is my best option? or can you think of any other options I may have?

If you think prices will go up in the next few years and can afford the 200 a month, it makes sense to keep it.

If you sell "cheap" you will still have the unsecured loan to repay, but that is what unsecured loans are for. You could get a cheaper loan elsewhere to reduce the interest rate. At least it will get rid of the mortgage and repair responsibilities.

AbyssUK

Sorry for the bump, but the latest news in my house woes.. but the good news for now is I have a tenant moving in soon now all the repairs are done. 7 months empty and on the market 15k under evaluation price.. nothing.. one day on the rental market..4 tenant viewings.. next day confirmed tenant.. absolutely crazy.. nobody wants to own houses anymore..