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Job-less Phil

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Everything posted by Job-less Phil

  1. Thanks for your polite reply to my post porca. All the world needs right now is people like you with one-sided jealous opinions. Lack of understanding is what the ignorant start wars with.
  2. The double mortgage would still leave me with plenty of profit. That is not really the problem If I were to swap mortgages, the requirements are a 25% deposit on property. As I am unemployed, there is no chance whatsoever of raising even five hundred quid. I can not get a mortgage, and bank will not allow me to keep things the way they are. Have as much money as a stone on the beach, and bank are trying to squeeze me for every drop The only option they will give, is for me to sell. Not a welcome choice from my point of view. Unusual thing is that I have a very goog profit margin on the flat, but bank are not interested. The mortgage advisor even tried to get me to switch bank accounts to them for a £50 reward. The greed was evident.
  3. This forum seems to have everything. I have only posted one subject and have received a very wide variety of answers. Been told that I am a liar. Been told I should tell more lies. Given good advice Been given poor advice. If I was not in a state of confusion before, I most certainly am now. Many thanks for all the advice though. I know people are only trying to help. Merry Christmas to everyone ( Even the VI,s ) Phil
  4. The flat is in Grimsby - Not too bad an area, and no vandalism in last four years. I pay £72 per month on the mortgage Rent it out for £295 per month The solicitor advised me that short term letting on residential mortgages goes on all the time. Mortgage companies "WERE" turning a blind eye to this fact when times were good for them. Now they have caused the crash problems, they are tightening up on deals. As for selling to the tenant, he has recently become unemployed as well. Not sure if he would be allowed a mortgage. I only paid £25 K for the flat - Last one on same block sold for £34K. Might have a look on Ebay, and see what their sucsess rate is for selling properties.
  5. Not sure what you are talking about. If I sell the place before the mortgage term is over - another 20 years, that will pay the debt back.
  6. First I would like to say Hello to everyone on this site. So "HELLO EVERYONE" Next, I need help with some advice on how to sell a flat without going through an expensive estate agent. Just put foreward a few basic statements first - One - I do not want to sell the flat ! Two - My wife wants us to keep the flat ! Three - The flat has been a good source of income since the day I bought it. Reason for selling - The mortgage company that I am with have decided that after four years of renting it out, they can no longer permit me to stay on the same mortgage. I am paying around £73 per month on an interest only mortgage, but they want me to go onto a different rate. This would double the payments and make any profit disappear completly. They have also de-valued the flat to £23K, which is almost impossible ( IMO ) They also want £800 to set this mortgage up, which I do not have as I am now unemployed. The mortgage company/bank caused the problems in the first place, and now they are making things even more difficult. The tenant has never caused me a days bit of bother, and I would like him to stay in the property. Any advice would be most welcome Thanks in advance, Phil
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