A buy to let being repossessed with a negative equity

hobbyguy

Thank you for all the replies. All the information has been taken on

kingstreet

silvercar said:

Depends how quickly they work, but the real risk is that they put a charge on the home you are currently selling, so get their money from that before you buy in to your partners home.

They can put a charge on a jointly owned property. Not sure if they could force a sale. If it did go to court and they could show that you used money from the sale of your residential home to buy into another property rather than clear the debts you had on the BtL property, I don’t know what a judge would rule, but it doesn’t look very good.

Normally BTL mortgages are restricted to 70% of the property value, so what has happened that there are mortgage payments owed and negative equity?

For sole debt on a joint property it's a restriction, not a charge. Semantics you might say, but there is a difference.