KC - Thanks for that extra information, do you know how long lenders are likely to spread the shortfall over? For example if I had £10k shortfall, would I be able to repay over the remaining term of my mortgage (approx 17 years) or will they want it back quicker than that? H - I'm short of a couple of months rent, at the moment I'm "hoping" to get it back before they leave, to be honest its general wear and tear to the property as the tenants have been in for over 10 years! Where did you see these "buy to lets on a two year tracker with payments under £362" ? I've had a look round and struggled to find any that will offer deals at 100% LTV. I've spoken this month with an estate agent who viewed the property 6 months ago and he recommended £90k as a price for a "quick sale" so I think I'm more likely to be in negative equity. Thanks again for all the replies to my questions, there has been lots of useful information and ideas given here.

Cheers for that newstarter and thanks for explaining that in detail KC! Do you know if the Mortgage company are likely to accept a regular monthly payment to clear the shortfall, or are they likely to want it paid off as a lump sum?

All, Many thanks for your advice and answers to all my questions - very useful and friendly forum! I'm still considering all my options, but I think I will apply for a payment holiday, put the house on the market for a bargain price, make a small loss and then let Mortgage Express chase me for the shortfall. It seems a better plan than getting it repossessed, letting them sell it for peanuts and then me owing them a lot more! One thing concerns me though, can they refuse to let the sale go through if it the sale price doesnt cover the amount owed? The post on the top of page 4, on the "calling all Mortgage Express customers" thread (sorry cant post links yet in this forum) seems to think they can. Can anyone confirm if this is possible, can they stop a sale? cheers, Dave.

Thanks newstarter, do you have any experience of applying to a lender for reduced payments or a payment holiday? Is this best done over the telephone or in writing? The mortgage company is Mortgage Express. thanks again, Dave.

Thanks for the replies pauperinparadise and newstarter, I have a few more questions if anyone can help? I (foolishly) fixed the mortgage payments when rates where high so I'm paying about £480 pcm, which is far more than I can afford. Does anyone one have any experience of negotiating a lower rate with a lender when you are unable to pay? If I put the house on the market and it sold for less than is owed on the mortgage, what can the mortgage company do to reclaim the shortfall on the debt? (I dont have any cash to make up the difference) If did get the property repossessed could I declare myself bankrupt in the UK to avoid being chased by the mortgage company for the shortfall ? Thanks in advance for any advice, I'm just trying to understand what my options would are before I make any decisions. Dave

Hi, First time on here, looking for some advice - I have a buy to let property in the UK, my long term tenant is leaving, after witholding some of the rent and the house is in a poor state of repair, needing at least £3,000 worth of work. I had the house valued 6 months ago at £100,000 (more likely £95,000 now looking at current prices) and I owe £96,800 on an interest only buy to let mortgage. My problem is that I have no way of making any more payments to the mortgage company and I have no way of raising any cash to repair the house to make it rentable, so I am considering repossession. I live in Spain with my partner in a property which we own outright in both our names, but itsn't completed so isn't legally classed as a dwelling. My questions are - What is the best way to approach the mortgage company to ensure that a repossession can be done swiftly? At present the mail for this mortgage goes to my mothers house in the UK, if I change my contact address to Spain will they accept this? I understand that the mortgage company is unlikely to get the full asking price, so I will owe them the difference, Would I be liable for this debt in Spain? Many thanks for any help or advice, Dave