I own a flat which for work reasons I had to move out of - I tried to sell it a few years ago but couldn't, unless I lost money as I was, and still am, in negative equity. So I rented it out but unfortunately my mortgage company (Halifax) charge alot for a consent to lease mortgage. I can't change mortgage companies as I don't have enough equity to do this.
Even when I have a tenant in the flat, the rent doesn't cover the mortgage even on interest only, and there have been months where nobody is renting it so I'm losing even more.
So although I've always been reluctant to do so, i want to sell it but will probably make a £10k shortfall in selling it compared to what I owe. My question is - can I get a loan from a bank or elsewhere to pay off this difference just so I am rid of it?
I've been to a Halifax mortgage advisor who couldn't help me and couldn't advise me, although I was told you can't get a loan to pay off a mortgage.
Does anyone have any advice, solutions or experience of this?
Even when I have a tenant in the flat, the rent doesn't cover the mortgage even on interest only, and there have been months where nobody is renting it so I'm losing even more.
So although I've always been reluctant to do so, i want to sell it but will probably make a £10k shortfall in selling it compared to what I owe. My question is - can I get a loan from a bank or elsewhere to pay off this difference just so I am rid of it?
I've been to a Halifax mortgage advisor who couldn't help me and couldn't advise me, although I was told you can't get a loan to pay off a mortgage.
Does anyone have any advice, solutions or experience of this?