Refused Permission To Let

[remedy234]

Hi

 

I have a mortgage with GE Money, its currently up to date with no arrears but only interest only (£450 p/m) The house is in negative equity by about £20k and needs approx £10k spending on it to make it sell-able but even then wont be worth anywhere near the outstanding amount i owe on it. Ive asked my mortgage lender for permission to let but they have point blank refused and suggested i contact a broker or independent financial advisor.

 

This is futile as i have just been discharged from bankruptcy in the last month and dont have any kind of savings etc

 

Ideally id like to keep the house and rent it out in the hope that the house prices rise and i can sell it and break even and ive explained to GE Money that its likely that i wont be able to make my repayments soon and the house may be repossessed unless i rent it out but this all falls on deaf ears.

 

The reason im wanting to rent it out is that this house is no longer big enough for me and my partner and our three kids so we are hoping to rent a larger house ourselves.

 

Has anybody got any suggestions as to what we could do as me and my children are wanting to move in with my partner and her child and as it stands at the moment its not going to happen and causing a lot of heartache