Follow this topicFollow this topic Q&A » Mortgages

This a very long story but i will try to condense. I have 2 mortgages one is my house 115000 left of mortgage valued today at 160000 with ERC of £2000

roscopeco2000
by roscopeco2000 17 January 2013  |  Comments 9 comments  |  Love Love  0 loves

iam annoyed because although yes its hasnt been making money, the rate on the flat is about to go down to a level where it will break even maybe a little profit.This seem to make no differenece as they not concerned with whats is going to happen as much as what has been happening.its doesnt matter if i get 1000 pcm and mortguage is 100 pcm the fact in the past its hasnt been profitble means that wont lend to me.Its seem a really redundant way of working.

Report

Enjoyed this? Show it some love

Twitter
General

Comments (9)

  • MikeGG1
    Love rating 909
    MikeGG1 posted

    There seems to be part missing. You probably exceeded the maximum size for the first part of the question.

    Mike

    Posted on 17 January 2013 | Love Love  0 loves Report
  • roscopeco2000
    Love rating 0
    roscopeco2000 posted

    this is my original post thanks for noticing mike..This a very long story but i will try to condense. I have 2 mortgages one is my house 115000 left of mortgage valued today at 160000 with ERC of £2000.The 2rd property is a flat i rent out for £400 a month, mortgage is £525 although this is about to go down to £400 so it will break even just, no ERC on this.The flat is worth approx £85000 with £90000 mortguage. Now my plan was to pay the ERC on the house re mortgage the house to release money i need to sell flat approx £7000 and also getting lower monthly mortguage payments on house(on v high rate at the moment!!)The problem has hit me when applying with first direct that they will not underwrite me because the flat has been losing money. Apprently it doesn't matter what the flat is worth or if rent will cover mortgage in the future, the fact that it has lost money each month means they wont offer me the deal.They gave me 2 options sell the flat or rent it out in profit for 1 year.Now i could carry on renting it out but don't want the hassle.Does anyone else know anyone for re mortgages purposes that are more relaxed?i not thats alot to ask.I am with Natwest currently and they are terrible so want out.I hope i have been clear.Thank you

    Posted on 17 January 2013 | Love Love  0 loves Report
  • MikeGG1
    Love rating 909
    MikeGG1 posted

    If you want to sell, why not take the sell option that they have suggested. That way, they would ignore any profit/loss on the flat rental.

    You don't say when the fixed rate finishes or the current rate, but £2,000 is not a big hit.

    You should consult a mortgage broker. Try Tim@lovemoney.com

    Mike

    Posted on 17 January 2013 | Love Love  0 loves Report
  • roscopeco2000
    Love rating 0
    roscopeco2000 posted

    but that is the crux of my situation i need to re mortgage the house to release the funds to pay off the negative equity on the flat,but they wont give the money because I've got the flat!!! iam stuck

    Posted on 17 January 2013 | Love Love  0 loves Report
  • MikeGG1
    Love rating 909
    MikeGG1 posted

    Will they not do it simultaneously? If not, could you get a short term loan? Try Tim.

    Mike

    Posted on 17 January 2013 | Love Love  1 love Report
  • TheWelshman
    Love rating 63
    TheWelshman posted

    Hi

    Thanks for the heads up Mike.

    Hi Roscopeco2000 - if you would like to speak to one of our mortgage advisor's or myself please give us a ring and we can give some free advice.

    Regards

    Tim

    Posted on 18 January 2013 | Love Love  0 loves Report
  • roscopeco2000
    Love rating 0
    roscopeco2000 posted

    yeah I have phoned up Tim but every time i do, i get told everyone is busy and someone will call me back and when i ask when they cant tell me its abit annoying...

    Posted on 20 January 2013 | Love Love  0 loves Report
  • TheWelshman
    Love rating 63
    TheWelshman posted

    Hi Roscopeco2000

    Can you email me your direct number and I will call you direct. My email address is as follows;

    tim@lovemoney.com

    Regards

    Tim

    Posted on 22 January 2013 | Love Love  0 loves Report
  • TheWelshman
    Love rating 63
    TheWelshman posted

    Hi Ross

    Thanks for the details, hopefully we can help you out. Let me know how you get on with the consultant.

    Regards

    Tim

    Posted on 22 January 2013 | Love Love  0 loves Report

Post an answer

Sign in or register to post an answer.

Something you're dying to ask... or answer?

Register with lovemoney.com to start asking and answering questions on Q&A.

Get started now

Sign in for a better Q&A

Registered already? Great! You can just sign in to ask and answer questions.

Sign in
W3C  Thank you for using One Flew Over the Cuckoo's Nest