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confused!! thats me1!
salduck
Posts: 1,070 Forumite
ok hoping someone can help or give me some advice!!
i am with northern rock on a 5 year fixed rate mortgage. its fixed until 2010 so no worrys there!
I have outstanding mortgage of £72k and house is valued at £95k. My house is currently on the market and due to not selling!! i am thinking fo taking it off the market and releasing some funds to do it up and rent it out.
So a couple of things
1) will NR let me do this? will they switch to a BTL mortgage? anyone any experience of this?
2) i have a couple of missed payments on mortgage but arrears are all up to date now credit rating is pretty pants tho!!
3) will they let me release any more money? how much??
so think thats it and please no advice on selling the house just on the mortgage questions!!
thanks in advance
i am with northern rock on a 5 year fixed rate mortgage. its fixed until 2010 so no worrys there!
I have outstanding mortgage of £72k and house is valued at £95k. My house is currently on the market and due to not selling!! i am thinking fo taking it off the market and releasing some funds to do it up and rent it out.
So a couple of things
1) will NR let me do this? will they switch to a BTL mortgage? anyone any experience of this?
2) i have a couple of missed payments on mortgage but arrears are all up to date now credit rating is pretty pants tho!!
3) will they let me release any more money? how much??
so think thats it and please no advice on selling the house just on the mortgage questions!!
thanks in advance
Mortgage free wannabe! No idea on date yet! £132,350 TBC
Loan paying off May 2022 £7000
Loan paying off May 2022 £7000
0
Comments
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I doubt they will release more funds now. Recent arrears go against you and they are trying to lend less money not more at the moment.
No harm in asking, but I wouldn't hold your breath.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I know you said you didn't want advice on selling your house, but have you looked into how much your Early Repayment Charge is in case you do manage to sell?0
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