Hi Folks
We have our home house with PTSB which is on a long term interest plus part capital arrangement, but we also have a second buy to let which they have recently offered us a split mortgage on. But before we accept that offer we wrote to them asking if they would accept vol surrender and write down the remaining debt. We just don't think in the long run that we will be able to service both mortgages, and we want to be able to concentrate on getting our home back to full repayments. Both loans are Variable rate so we have the risk of both of them increasing. We are pleading that this is in favour of both us and the bank as home mortgage is 320k (worth 170K)and btl is 220k prob will sell for 120k. otherwise it would prob be PIA for us, which is very last option. We haven't sent this request into the appeals dept yet just to mortgage dept, if we appeal though will they just move to repossess buy to let? and put judgement on home house? because we really want to keep our home. there is 20k plus arrears on 2nd property and we are just paying the rent we receive off the loan( arrangement since 3+ yrs). my husband has 2 other commercial properties but both huge negative equity on these also, and arrears, but at the moment the above is our worry.
We have our home house with PTSB which is on a long term interest plus part capital arrangement, but we also have a second buy to let which they have recently offered us a split mortgage on. But before we accept that offer we wrote to them asking if they would accept vol surrender and write down the remaining debt. We just don't think in the long run that we will be able to service both mortgages, and we want to be able to concentrate on getting our home back to full repayments. Both loans are Variable rate so we have the risk of both of them increasing. We are pleading that this is in favour of both us and the bank as home mortgage is 320k (worth 170K)and btl is 220k prob will sell for 120k. otherwise it would prob be PIA for us, which is very last option. We haven't sent this request into the appeals dept yet just to mortgage dept, if we appeal though will they just move to repossess buy to let? and put judgement on home house? because we really want to keep our home. there is 20k plus arrears on 2nd property and we are just paying the rent we receive off the loan( arrangement since 3+ yrs). my husband has 2 other commercial properties but both huge negative equity on these also, and arrears, but at the moment the above is our worry.
