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Stuck with my mortgage product !!

Gbrad
Gbrad Posts: 1 Newbie
in Mortgages & endowments
Hi,
I was hoping for some advice please ?
I originally took out a 110% mortgage in 2001 with Northern Rock however following their collapse my mortgage was taken on by NRAM and more recently by Whistletree. I am now left with a property which is in negative equity therefore I have been forced to rent it out which comes with an annual consent to let fee of £750 !!! The rent payments I recieve barely cover the mortgage and landlords insurance payments let alone any maintenance on this 100 year old cottage. Whistletree do not offer any alternatives to the product I am already on and nor will they extend the length of my term - I feel totally trapped. I have no form of savings to enable me to remortgage with another building society. Could anyone offer any advice ?

Thanks in advance x

Comments

  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The mortgage isn't 110% as it is split between secured and unsecured.

    Have you established the possibility of selling the property, repaying the secured element and keeping the unsecured loan going? It will be more expensive, but maybe less than you are currently losing...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,534 Forumite
    Part of the Furniture 1,000 Posts
    Maybe first off you could confirm what your outstanding loan amount is and what the realistic value of the property is?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Gbrad wrote: »
    I am now left with a property which is in negative equity therefore I have been forced to rent it out which comes with an annual consent to let fee of £750 !!!

    The negative equity is of your making. Unless you address this. Your problem isn't going to disappear anytime soon.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    This was 17 years ago !
    Are you paying interest only ?
This discussion has been closed.
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