West Brom expiring BTL – with nowhere to go!

West Brom expiring BTL – with nowhere to go!

16:21 PM, 1st May 2018, About 6 years ago 7

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I have a West Brom buy-to-let mortgage expiring (actually it has already expired on 1st April).

I was part of the Property 118 action group that reclaimed thousands of pounds from them following their unlawful interest rates rises a few years ago.

They have now exited the buy-to-let market and therefore have no product for me to switch to.

The property is in negative equity (value £85,000, mortgage £91,000) and therefore not even close to be able to remortgage with another lender. We have tried to sell through traditional methods and also online auctions, but so far to no avail.

The West Brom have said that it will soon pass over to the receiver to take the necessary action.

Effectively, I’m trapped.

Does anyone have any experience with this?
What is their likely action?
It doesn’t make any sense to try and force a sale as there won’t be enough proceeds to repay the mortgage. They won’t entertain a capital repayment method to bring the balance down.

I’m concerned this will have an impact of my credit.

Any help would be much appreciated.



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Neil Patterson

16:23 PM, 1st May 2018, About 6 years ago

Dear Danny,

I am sorry to hear of your situation. You have probably thought of this, but do you have any equity in any other properties you can use?

Gwen Davies

18:54 PM, 1st May 2018, About 6 years ago

Please contact me on my email address gwendolyndavies@aol.com I will tell you what west bromwich did to me in the same situation and my defense.

Steve Guest

8:46 AM, 2nd May 2018, About 6 years ago

I had the same problem and I also got out of it


8:58 AM, 2nd May 2018, About 6 years ago

Hello I am sorry you are in this position but the West Brom are within their rights to do this. Mortgage Express does this as well. They do not care. Look at the headlines of the Daily Mail today and there is a 75 year old couple in the same position. Their MP is involved and Santandar do not care.
Sell/ remortgage it for what you can and offer the balance on a loan basis . I made that deal with a lender on the proviso that my credit file was not affected.
You can remortgage on 80% ltv and borrow the balance on a loan. Loans are very cheap at present.
Keep fighting

David Atkins

9:29 AM, 2nd May 2018, About 6 years ago

Can you get a loan, bridging loan, take equity out of another property, pay off mortgage, add value to the property perhaps HMO it and then remortgage maybe based on commercial value? Just running through ideas.

Adrian Jones

12:26 PM, 2nd May 2018, About 6 years ago

Hi Danny,

What do you mean when you say they won't accept a capital repayment method?


18:29 PM, 6th May 2018, About 6 years ago

Hi Danny
Sorry to hear your problem,
Can you take out a mortgage against your home?
Have you had a recent valuation of the property as prices are rising outside London?

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