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The Masked Tulip

Mortgage Shortfall

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I've put my flat up for sale and it is less than what is owing on my mortgage.

I called the morgage company and asked if I wanted to settle but there was a shortfall how would I go about repaying.

They told me that there were no provisions for shortfalls and it would have to be settled in Full.

The reason for selling is that the rental is lower than the morgage payments so I 'm paying money in that I could be using elswhere.

How could I go about this negative equity issue, sell and owe then the difference in payments?

http://forums.moneysavingexpert.com/showth...933#post9007933

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"The reason for selling is that the rental is lower than the morgage payments so I 'm paying money in that I could be using elswhere."

In it for the long term... It's my pension.... Blah Blah Blah..

That posting shows just how long amateur BTLs are prepared to "save for their pension" by subsidizing a bad investment.

It's going to be a bloodbath :ph34r: .............. :lol::lol:

Edit: Snap! Great minds, etc.

Edited by narrowescape

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:blink::rolleyes:

24-02-2008, 7:06 PM #22

pokemon151

MoneySaving Newbie

Join Date: Feb 2008

Location: Nottingham area

Post Count: 17

Thanked 5 Times in 4 Posts

--------------------------------------------------------------------------------

For 16 yes you have a good upbringing and a sencible head on your shoulders, however I would reach a bit further and buy a house in good time or buy with your sister and share the mortgage. I bought a flat 2 years ago as a investmet and have rented it out at a loss, meaning I'm paying in towards the mortgage.

Look into a 2/3 bedroomed.

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Oh come on, it's a wind-up. 127% LTV on a BtL to consolidate debts?

Reading the whole thread it sounds like it was his residence, then he moved in with his GF and let his own place out. Trouble is the rental isn't paying the mortgage. Sounds like he's got bored of it all. He has the financial awareness of a pineapple bless him. He's going to get mashed if he isn't careful/advised well.

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Guest X-QUORK

I'm sure there was a Dr Evil smilie going around, if somebody could find it and ask HPC to make it available I'd be most grateful.

*Edited due to wine*

Edited by X-QUORK

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I'm sure there was a Dr Evil smilie going around, if somebody could find it and ask HPC to make it available I'd be most grateful.

*Edited due to wine*

Done my reply.

I think we need to be consistent in how we respond to what is likely to be an ever increasing number of these pleas for help.

1. Recognise the human element - people made mistakes, are likely to be very sorry, and are reaching out for advice.

2. Tell them how screwed they are but in a nice way with some real options to think about

3. Challenge WHY they are in this position - we need to chip away at the national psyche re: asset price inflation for lurkers

Thoughts?

Edited by Bosworth

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Done my reply.

I think we need to be consistent in how we respond to what is likely to be an ever increasing number of these pleas for help.

1. Recognise the human element - people made mistakes, are likely to be very sorry, and are reaching out for advice.

2. Tell them how screwed they are but in a nice way with some real options to think about

3. Challenge WHY they are in this position - we need to chip away at the national psyche re: asset price inflation for lurkers

Thoughts?

If this person is for real, then all he (and others in his position) needs to know is at THIS WEBSITE

Hasn't been updated in a while, but the advice is worth it's weight in gold.

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Done my reply.

I think we need to be consistent in how we respond to what is likely to be an ever increasing number of these pleas for help.

1. Recognise the human element - people made mistakes, are likely to be very sorry, and are reaching out for advice.

2. Tell them how screwed they are but in a nice way with some real options to think about

3. Challenge WHY they are in this position - we need to chip away at the national psyche re: asset price inflation for lurkers

Thoughts?

I agree, to be mean to people facing the years of repercussions of some poorly thought out actions is pretty spiteful and unnecessary.

I strongly suspect that my mechanic screws me every time I get work done by over-charging and making up things.

I don't particularly care as it's usually not much.

if out of the blue he charged me 50k, I would go to some auto forum for their advice.

I know ahead of time I've probably done something stupid, probably several things and I expect some barbs.

But to get the absolute GLEE that people get around here sometimes is pretty crazy.

These people are going to be paying for it for years, rubbing their noses in it is pretty tacky and vulgar imo.

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Guest X-QUORK

The sheeple are feeling the pain now. Did they have any sympathy for those they were pricing out of the market? Not a jot.

The tables are turning and it's time for some long overdue smugness.

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He has the financial awareness of a pineapple bless him.

Absolutely , no doubt if you were to slice the top of his head off and looked inside .........it would be empty in there :rolleyes: .

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Bloody hell. Is Herbiesbj for real or he is just digging this guy into his own grave?

Top tip! :lol:

Now I see why he has this as his forum signature :

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

:lol:

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Guest anorthosite
I'm sure there was a Dr Evil smilie going around, if somebody could find it and ask HPC to make it available I'd be most grateful.

*Edited due to wine*

93.gif

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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