14:46 PM, 11th August 2016, About 5 years ago 14
NRAM is repossessing our BTL property, because we have exceeded the term! My wife and I purchased a BTL property in June 2007 unfortunately despite telling our advisor this was a long term plan to pay off our residential mortgage and for retirement he advised an interest only mortgage for 7 years.
When I asked what we were supposed to do after 7 years he said just get another mortgage! I was declared bankrupt in 2011 and although we have maintained the mortgage payments NRAM are now repossessing the property.
Due to my bankruptcy (discharged in July 2013) we have been unable to arrange another mortgage. NRAM state that since they were bailed out they are unable to offer additional lending and therefore cannot extend the term for us although NRAM’s website states they can offer additional lending in exceptional circumstances nobody seems to be able to say what they class as exceptional circumstances!
The mortgage is for approximately 50% of the value of the property so the bank will have no problem recouping their money, but we will end up losing the property which was bought with the intention of repaying our home which is on an interest only mortgage also with NRAM.
We now face the prospect in 12 years time when our mortgage ends of losing our home and also I face the prospect of having no money for retirement. The advisors who arranged the mortgage deny arranging it even though I provided them with a letter from NRAM stating it was they who arranged the mortgage.
I have contacted the FSA and the Financial Ombudsman all to no avail.
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