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mortgage problem - desperate - please help

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Hello, I'm new to posting here but have read with interest some of the good advice that has been offered and hope against hope that someone may be able to help/advise me.

I'll try to keep it short -


I understand my problem is unusual - I've spent many, many hours talking on the phone to 'advisors' my lender, organizations and basically anyone who will listen, but no one can offer any help.


In 2007 I bought a flat on a 'buy-to-let' basis (or I thought I had!) it was just before the crash began so was very bad timing ! the flat is now worth approx £18.000 less than I paid for it ! I am a pensioner aged 65 with no income except for a small state pension.

The rental from the flat was paying the mortgage and expenses with a little left over so I was happy enough.


Long story short - last December I received a letter from my lender - The Mortgage Business - saying that it had been 'brought to their attention' that I was renting out the property without their consent, I didn't undersant this after all what are you supposed to do with a BTL ??


It transpired after months of worry and searching, that my financial advisor had put my mortgage through on a residential basis - it was not what I asked for and I know it will be argued that I should have read the small print, but I didn't, I trusted him to act on my behalf and according to my wishes, so I just 'signed on the dotted line' when asked and that was that.


I put down 25% deposit which was, at the time, the required amount for a BTL mortgage, once again proving that this was what I thought I'd got.


TMB said I had to vacate the property of tenants immediately which I did, they then asked for £12,000 cash and a £75.00 'fee' to be submitted every three months with a written request to continue to rent out the property, but they wouldn't guarantee they would say 'yes'.


Well I don't have £12,000 lying around and even if I did, without any guarantees this didn't seem like a good deal to me.


So in accordance with their wishes/demands the property now stands empty while I have been struggling to keep up the mortgage payments, TMB have taken away my means to pay but still want their money !


I know the real 'villian' in this piece is the financial advisor, but he has washed his hands of it and accepts no responsibility since he says 'nothing can be proved'


The only thing in my favour is that I informed an accountant and the Inland Revenue that I was going to be renting out the property so that it was all legal and above board and I would pay any tax that was due, which I have subsequently done, I would hardly have done that if I were trying to pull the wool over anyones eyes, but it means nothing to TMB.


The situations is now that although I never missed a payment/defaulted on the mortgage before, from August this year I have only been able to pay £100 per month because my savings have all but gone.


The situation is making me ill, I can't sleep, or eat properly for the worry of it.

I live with my partner in his rented house otherwise I don't know what would become of me.


The irony of it is that if TMB would allow me to rent it out, they would have their money and this situation wouldn't exist.


I appreciate they have their rules and regs to stick to, but nothing is black and white, there are ' shades of grey' in everything, this is an unusual case I know, but they won't budge or give an inch.


They won't even acknowledge any letters I've sent them (copies kept) or the £100 cheques I send.


Each time I phone I have to speak to someone different and no one seems to know the case - I'm at my wits end now.


I always thought that as it was a 'buy to let' ? ? ? ? that when the term was up in 3 1/2 years time I could automatically re-mortgage, but I now know that this is not the case.


Can anyone offer any advise, anything at all please that could help me ?

I would like to keep the flat and rent it out again but I fear there is no way that this can be done unless someone out there knows something different ??


It looks like it will be repossessed, and this in turn is making me sick with worry, There would inevitably be a shortfall and as I am a pensioner with no income I don't know how I would cope !


I've read on these forums that no-one can take money that you don't have and you can't be forced into paying a shortfall if you have no assets, but I have also just read a thread where someone IS in fact being taken to court because of a shortfall !!


Please, please, someone help me out of this misery.


I'm sorry it's such a long post and sorry to have bored you.

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