16:21 PM, 1st May 2018, About 5 years ago 7
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.