non disclousre agreements etc.....

[pulpfiction]

Hello I am a 1st timer !!
Like all who post are looking for advice ....

Myself and my partner late 30's, have a property portfolio currently owing to one lender approx 700000.00 ..I dearly wish there were fewer zeros's. Value at present 400-450k... we are not in arrears, all properties rented .... but are going from sfs to sfs, due to not being smart with regard to interest only periods at the start of the loans ...and recently the lender has suggested to us that we need to look at things longer term. They have asked us to sign an Non disclosure agreement before they will even speak to us and that we need to consider asset disposal..we have trackers at .75+ ecb on all mortgages...unless the market rebounds or I win the lottery ..some are probably unsustainable due to the 5 year interest only deals
At the time of lending ...I was earning 27k and my partner earning 40-50k, we had no savings and the bank used equity release on various properties to use as the necessary percentage required for mortgage approval on further properties ..lots of bad practice by them and stupidly we got caught up in it all and sold our souls

Are the banks doing deals now on this sector ..what kind of percentage write down should i anticipate ..I have nothing to offer them other than being off their books.

If i sign the non disclosure and net worth(or lack of ) forms , should all further dealings be between my solicitor /accountant and the bank

Is the write down recorded anywhere in the public domain..could impact on my husbands job negatively

We do not want to enter into a PIA, is a potential write down situation separate from this ?

Will any negotiator look for my files under data protection to check for any loop holes ?


All properties are cross securitised..just to mention we also have our PDH not in negative equity ..just about breaking even ...what is the story with this property in light of our issues with the btl's .....
in all honesty all our time and money for the last 10 years has gone into the rental and upkeep and buying of more properties ..I am weary from it all and I think we are ready to move on ..I hope I have given you enough info for you to form an opinion and offer a little bit of guidance on how to proceed

 

[Brendan Burgess]

You need to provide all the information in the form of the Standard Format - money makeover - unsustainable mortgage if you want a comprehensive answer.

There is no downside to you individually in signing the non disclosure agreement. It does not exclude you from discussing the issue with financial and legal advisors.

 

[Bronte]

..I am weary from it all and I think we are ready to move on ..I hope I have given you enough info for you to form an opinion and offer a little bit of guidance on how to proceed

Hi Pulp and welcome to AAM. No you have not given us enough information, do your best to give all the details so that we can try and give you some pointers.

I wouldn't be afraid of the non disclosure, it's standard practise now, if you want you can scan it up on here and we can look and see if there is anything nasty in it. Do you have a solicitor or other professional helping you with the negotiations?

 

[Setanta12]

Hi Pulp,

I'd let some advisors have a first crack at it, before transcribing portions of it for this website.

I wouldn't be a fan of copying it literally word-for-word and putting it here. If those Non-Disclosure Agreements were that common, perhaps you could ask for sample wordings/paras etc from other posters here?

In the first instance though I would let advisors have a look first.