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Mortgage Options if any!
andrewj2202
Posts: 23 Forumite
Hi everyone. My wife and I have been mortgage prisoners for a few years. We had a mortgage with Northern Rock which in turn changed to NRAM and has now been passed to Heliodor Mortgages.
The property we purchased was a small 2 up 2 down terrace which we, as a family, eventually outgrew. We bought at exactly the wrong time and have spent the last 10years trying to get back in some sort of equity!
We were lucky to be able to move in with family and rent the property out with the consent of NRAM. This enabled us to almost cover the mortgage with the rent. At last valuation the property was valued between £65000 (for a quick sale) and £70/75000. We owe approximately £63000.
Our intention would ideally be to hang onto the property but I REALLY want to try and get the mortgage moved to start paying it off quicker.
We have since purchased another property that is where we are planning to stay for the long term. The new mortgage was for double the other amount and we got an interest rate of 1.86%. As we have the new mortgage to pay, plus the rent to top up to meet the original mortgage, it doesn't leave much to overpay on the original mortgage. Does anyone know if there is any chance of moving the original mortgage? I keep reading articles and there are hints at changes to regulations etc, but do not know if we would be able to do anything. As we do not live in the property anymore, would we be considered for anything other than a Buy to Let mortgage?
Thanks in advance.
The property we purchased was a small 2 up 2 down terrace which we, as a family, eventually outgrew. We bought at exactly the wrong time and have spent the last 10years trying to get back in some sort of equity!
We were lucky to be able to move in with family and rent the property out with the consent of NRAM. This enabled us to almost cover the mortgage with the rent. At last valuation the property was valued between £65000 (for a quick sale) and £70/75000. We owe approximately £63000.
Our intention would ideally be to hang onto the property but I REALLY want to try and get the mortgage moved to start paying it off quicker.
We have since purchased another property that is where we are planning to stay for the long term. The new mortgage was for double the other amount and we got an interest rate of 1.86%. As we have the new mortgage to pay, plus the rent to top up to meet the original mortgage, it doesn't leave much to overpay on the original mortgage. Does anyone know if there is any chance of moving the original mortgage? I keep reading articles and there are hints at changes to regulations etc, but do not know if we would be able to do anything. As we do not live in the property anymore, would we be considered for anything other than a Buy to Let mortgage?
Thanks in advance.
0
Comments
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Best off posting on the mortgage board, this one you have posted on is for people running a diary of overpaying.Mortgage started 2020, aiming to clear 31/12/2029.0
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I'd strongly recommend selling. It sounds like your one bad tenant away (no rent) away from being financially in a very difficult position! Better to get rid of the mortgage and then invest what you can into stocks and shares - at least, that's my 2 cents. Then again, only you know your tenants and their reliability!0
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