C
ColeD83
New Member
Hi,
I really need some advice urgently on my situation and hope someone can help.
I bought a house with my now Ex partner back in 2007 and we where first time buyers, we took on a 100% mortgage as we didn't have access to a deposit at the time.
We split a couple of years later and have been renting out the property on and off for the years since, as when we had split the market wasn't great and re selling wasn't an option because the value had dropped and we would have needed to take on a big debt between us, in hindsight that would have been the smarter option as the debt would have been cleared by now.
I moved abroad and have had very little to do with the property since but my Ex partner has been dealing with the property maintaining it and renting it out but recently there has been a new license introduced that all landlords must have to be allowed to rent out there property but as we don't have a 'Buy to let' mortgage we aren't eligible to apply and have been told by our current mortgage company (who no longer offer mortgages) that we aren't allowed to rent the property out and they cant offer us a buy to let mortgage.
The house is worth less that we paid for it now and the area that we bought the property in also isn't very sought after so selling it will result in a massive debt for both of us.
Does anyone have any advice on what the best course of action would be?
Do we look and try to move to a buy to let mortgage and continue to rent out?
Do we cut our losses and try and sell and be left with a huge debt?
Are there schemes that help people in our situation?
I feel like the current mortgage company have put us in a difficult position by being so unhelpful and I think I will struggle to get a mortgage or loan in the UK as I haven't been there for the last 4 years....
Any advise is welcome and if iv missed out any important details please let me know so I can get as much advice as possible.
Thanks you
I really need some advice urgently on my situation and hope someone can help.
I bought a house with my now Ex partner back in 2007 and we where first time buyers, we took on a 100% mortgage as we didn't have access to a deposit at the time.
We split a couple of years later and have been renting out the property on and off for the years since, as when we had split the market wasn't great and re selling wasn't an option because the value had dropped and we would have needed to take on a big debt between us, in hindsight that would have been the smarter option as the debt would have been cleared by now.
I moved abroad and have had very little to do with the property since but my Ex partner has been dealing with the property maintaining it and renting it out but recently there has been a new license introduced that all landlords must have to be allowed to rent out there property but as we don't have a 'Buy to let' mortgage we aren't eligible to apply and have been told by our current mortgage company (who no longer offer mortgages) that we aren't allowed to rent the property out and they cant offer us a buy to let mortgage.
The house is worth less that we paid for it now and the area that we bought the property in also isn't very sought after so selling it will result in a massive debt for both of us.
Does anyone have any advice on what the best course of action would be?
Do we look and try to move to a buy to let mortgage and continue to rent out?
Do we cut our losses and try and sell and be left with a huge debt?
Are there schemes that help people in our situation?
I feel like the current mortgage company have put us in a difficult position by being so unhelpful and I think I will struggle to get a mortgage or loan in the UK as I haven't been there for the last 4 years....
Any advise is welcome and if iv missed out any important details please let me know so I can get as much advice as possible.
Thanks you