runningdog
Registered User
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- 1
Hi, I bought a apartment in 2006 on a Buy to Let mortgage.
The plan was to live in it until I built my home ,sell it and clear some of the mortgage on my home.
I finished and moved in to my home in 2008 but the apartment impossible to sell at that time.
My question is, as I bought the apartment before I had purchased the site for my house ,I presume it is loan is secured on apartment only.
I cannot see myself keeping the payments up for much longer on the apartment, as my wife and I are on low wages ,have three young kids and have nothing left .
The apartment is about 80000 in negative equity.
Can the banks come after my family home if I cannot pay.
I have not fallen behind on payments so far.
Your advice would be greatly appreciated.
Thanks
The plan was to live in it until I built my home ,sell it and clear some of the mortgage on my home.
I finished and moved in to my home in 2008 but the apartment impossible to sell at that time.
My question is, as I bought the apartment before I had purchased the site for my house ,I presume it is loan is secured on apartment only.
I cannot see myself keeping the payments up for much longer on the apartment, as my wife and I are on low wages ,have three young kids and have nothing left .
The apartment is about 80000 in negative equity.
Can the banks come after my family home if I cannot pay.
I have not fallen behind on payments so far.
Your advice would be greatly appreciated.
Thanks
