Unable to afford Mortgage

[nivlaw]

I own two properties, one I live in, the other I rent. Due to mortgage increases I am unable to afford the mortgage on the property I rent and the market value has decreased so there is no equity. I want to pay the mortgage on my home I live in. What would happen to the home I rent out if I can't pay the mortgage?

[Gromit]

I don't know, my guess would be

If you didn't pay the mortgage it would be repossessed and sold at auction probably for a lot less that if you put it on the market. If the auction sale didn't cover your debt, then you would still own the building society �x,000s of pounds which you would have to pay back. You could to try and add this debt to the mortgage on the property you live in.

If you have lost your rental earnings from the rented property, your building society might judge you will not be able to pay them back on the living property.

Do not let it get that for. Keep up the payments on the rented property and sell it yourself asap.

[Gromit]

Apologies for typos.

[tigwig]

make an appointment with the mortgage advisor of who you have the mortgage with. Tell them everything and they will do their best to help you, you could extend the term of the mortgage or maybe pay interest only until you sort yourself out. I have had to do just that recently and they were very helpful and asked me exactly what I could afford. I've no doubt that they were pleased to be making more money out of me in the long run but my priority was to lower monthly payments. You may be able to do the same, just don't ignore the situation.

[smelly minge]

sell one of them?!

[Memore]

cant you change the mortgage to interest only instead of repayment if that is what you have until you sort it out or try and increase the term otherwise I think you should sell it and try and absorb any loss another way = you should speak to the mortgage provider anyway as you wont be the only one.

I think the debt would get attached in court to the house you currently live in and own if you came to sell it then that is how the money would get repaid if that is your only other asset