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  • Crown
    • #0
    • 31st Jan 07, 9:30 AM
    • 31st Jan 07, 9:30 AM
    I assum that you dont have a BTL mortgage ? Can I ask why you are renting it out and how you got to this situation?
    by roswell

    Perhaps you should change the title to "had my BTL repossesed today"... And you have BTL+debts and the rent didn't cover the mortgage? I'm sure there's more to it, but my sympathy at the moment is with the tenant.
    by ManAtHome
    I did not come here looking for any sympathy but once again I see that before people even know all the facts that they are judgemental.

    The Mortgage was brought through a Property Investment Company and although looking back I was totally niave they took care of all the paperwork and also were the mortgage broker.

    At the time I was in a well paid job and making monthly payments on the flat was not an issue. The original idea was that the flat would be rented for a while and then I would move into the property myself.

    I was then suddenly made redundant from my job back in 2005 and luckily was offered another job with one of our suppliers but at a much lesser income.

    The rent covered the mortgage although another tenant sublet the property and then did a moonlight flit.

    This went to court but the tenant could not be found once we finally got the subletters out of the property and inspected it they had caused thousands of pounds worth of damage (Wrecked floorboards, Kitchen units ect).

    With the loss of nearly 6 months rent and the costs of repairs I lost around £7000. This was paid on credit as I was/still am looking for a better paying job but to no avail.

    I contacted the Mortgage company and they advised me that the Mortgage was not Buy-to-Let but residental. I informed them that it was brought by a investment comapny and to cut a long story short it seems that they have done this to a lot of people and have now wound the business up.

    I have spoken to the letting agent regarding the tenant who is there at the moment and they have other properties that she can be rehoused in in the same building. This isnt ideal but at least she will not be "on the streets"

    When I got involved with this my partner was the one who was into the idea of investment properties and looking ahead for the future. I dont need telling what a prat I was getting involved in this and paying for the last year on credit why I tried to sell it.

    I have had a near breakdown over the last 6 months due to depression regarding this but now am trying get this sorted out.

    Sorry for the waffling-on but I am a little !!!!*d off that some of the comments seem to think that I dont give sh*t about the tenants or the debt. I can assure that is not the case.

    I asked if anyone had experience of this situation. I did not ask for judgement.
    Last edited by Crown; 31-01-2007 at 9:41 AM.
    Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts
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