I have NC for this as could be outing. If anyone has any advice at all I'd really appreciate it...
I could have repossession started next month and I'm not sure what to do or where I stand. Long story but here are the main factors, trying to be brief!!
-"bought" house in 2007 before the financial crash. Naively took financial advice and got 100% finance, 90% mortgage and 10% unsecured loan with Northern Rock fixed for 5 years. Shortly after they folded...
- relocated in 2011 for work reasons and house had dropped significantly in value, about £20k so decided to rent it out
- Northern Rock gone so debt with NRAM at that point, had to apply for consent to let annually at a fee that went from about £200 to £385 per year over 6 years and the debt now with Whistletree. I wasn't usually in a position to pay the fee outright so it got added on to the mortgage, which I didn't realise until speaking to one of their advisers a couple of years ago meant that after interest, in real cost it was over £600! I complained at that point but they said I had no grounds.
- looked into remortgaging a few times over the years but trapped by negative equity and even now house valued at least £15k below what I paid
- Comms from Whistletree regarding consent to let have always implied I should move back in or sell. We will never live back in that town and are nowhere near it.
-Decided in February to try to sell. They we positive about it and helping me to manage the outcome. Estate Agents put it on the market and I had to serve 2 months notice to my tenants. As a result, I had a concession agreed for May-July for reduced payments as without the rental income I couldn't maintain the full repayments
-Fast forward to now, Estate Agents, having spoken directly to Whistletree have said they can't sell the house. It won't get an offer that will cover the full amount of the outstanding mortgage so it will take 8-12 weeks for a decision on an offer, which Estate Agents say no buyer will wait out. I can totally appreciate that as I wouldn't be impressed!
-in the meantime, Whistletree had denied any further period of reduced payments. I spoke to them about the Estate Agents decisions and they won't budge. I said that I still can't meet full repayments and they said in that case, after 2nd August I'll be in arrears to the amount that they will start repossession.
So if you made it this far then thanks for reading and if you have legal/financial knowledge or have been through something similar, please advise?! Should I let them go ahead and if they do, what happens and would they sell it for half nothing and I'd still be responsible for the outstanding debt? Or should I rent it out again and continue to pay their ridiculous annual fee? I would really rather be rid of it as it's been a thorn in my side for nearly 10 years. Please help?!?!