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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

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.

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



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



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



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



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



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



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...



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



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