No consent to Let Nightmare!!!

ping700

Hope some on hear can help - finally.
In 2007 i purchased a property for £89,000 through Northern Rock with a 110% mortgage. Since 2010 I have been forced to rent the property out due to a growing family - wife, dog, kids etc! I currently owe £81,500 and the propertys value is somewhere around £65,000 mark
As there is no equity in the property, I can not get a buy to let mortgage so I rent out the property without telling my mortgage company. I know this is illegal and it causes me a lot of distress, but i dont know what my choices are. The morgage repayments are £450, the rent I receive is £450PCM, however there is a £100 maintaince charge plus a £26 insurance for property / boiler / drains etc. So as you can see i lose money every month. When the property is empty i lose an increible amount! I have applied to NRAM for a consent to let and i am awaiting the paperwork to fill out and they want £375 for the consent. I'm happy to pay this as it would ease my mind and make things legit.However, I'm concerned that if i fail on the application, I will then be on their radar, but i will still have to let it out to cover the repayments.
A few other details...In the new year I will (hopefully) receive £8,000, which i was going to put into the mortgage. Also, my wifes name is not on the mortgage and has no other property.
Does anybody know a way out of this mess!

Thrugelmir

Find some savings from your household budget. Then use the money to overpay the mortgage and reduce the debt owed. There's an old Chinese proverb that springs to mind.

"A man who wishes to move a mountain starts by moving the small stones first. "

ACG

I do not think there is a magic pill, it is what it is.
Throw as much money at the mortgage as you can and eventually you will be able to get a better rate and start making a few quid from it (unless you prefer to sell it).

Annisele

What you're doing isn't actually illegal. It's certainly a breach of your mortgage conditions, but that's not the same thing.

When borrowers breach terms and conditions, worst case scenario (very unlikely) is that the lender ends up repossessing the property. I appreciate that would make your life very unpleasant, but I just wanted to make sure that you thinking this was illegal wasn't making you fear you'd be thrown in jail or something.