Mortgage Shortfall

[altona18]

Hi guys

I have a slight worrying situation arising in that my mortgage will be increasing by £400 per month as coming off fixed rate discount. I spoke with Mortgage Company (Northern Trust) and made them aware that I will have difficulty paying increased amount. We made them aware that property is up for sale with 2 estate agents so would hope to sell soon which has not been the case with the market how it currently is. All they keep saying is that they will go to court to gain repossession.

I am not sure what to do so any advice would be appreciated.

Thanks in advance.

[old_andrew2007]

Sorry I have no advice as I no nothing about what mortgage companies do in these cases so I am replying to bump your thread

[tbern123]

You could see if they have any tracker rates which do not have any ties in's

However, these days they are likley to charge a high fee....

[manchester1]

Altona 8, I have not heard of northern trust as a lender, they could be the admin co ,did you have adverse credit mortgage ,if yes who was the lender when you took out the mortgage?. Repossession will be decided by judge ,not by lender .Is it poss to increase monthly payment by a small amount to show you are trying.

Manc1

[gizmo111]

You could enquire when the fixed rate ends if they will let you make interest only payments until the property sells. If they agree, this would save you quite a bit per month and not put you into arrears.

[MortgageTalk]

I have been a broker for many years and have never heard of Northern Trust as a primary lender, possibly, they obtained your mortgage through a securitisation from the original lender. The advice received so far is sound, there is no magic wand to wave. Check whether you can change to an interest only option (or re-mortgage to an I.O. option), take a payment holiday for a couple of months or, as a last resort and if practical, take a lodger for a few months.