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NRAM mortgage shortfall after sale of repossessed BTL

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I bought a BTL in Glasgow in 2005 at a value of £175,000. The mortgage was £155,000 and fast forward 12 years it was still in neg equity after the crash in 2008. with a host of tenant and service charge issues. in the end i let it get repossessed and it was sold for £139,000 in less than a week. the arrears were £7,000 and im sure there were costs involved in the sale such as estate agents and sols etc which we expected we were expecting s shortfall of circa £30,000. we received a letter with stating a shortfall of just under £45,000?! There was no breakdown of costs or the account just the amount to pay?


this seems excessively high and totals with the sales price £184,000 which is nearly £10,000 over the original market value?


has anyone else had shortfall surprises with lenders such as NRAM as this is new waters for us and we want to be up to speed on any fees and costs we should be aware of before we move forward with an action plan.


thanks in advance for any help!

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If you search for mortgage shortfall debts on internet forums the amount is always much more than people think. So many charges get added for anything they can think of.


Perhaps send NRAM a Data Protection Subject Access Request for everything contained on file in regard to mortgage and repossession. Amend the standard letter linked to, to ask for copies of all documents e.g including invoices that relate to charges incurred during the repossession process.


Once you have the info, get advice about what to do. A relative of mine paid off a repo debt of over £30k, by making a one off full & final payment of about £2k. Different mortgage company, but most will consider such offers. There are other options e.g insolvency, but get advice from someone qualified about pros and cons.

We could do with some help from you.



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