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Scottish property repo - mortgage with MX

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Hi all,


Not sure if this is the right forum to post in, but here goes.


My wife and I bought a property in Scotland (we live in England) around 4.5 years ago, with the promise of "gold" at the end. We bought it for £265,000, on an interest only basis. It rented for a little while, but its been empty most of the time.


Our current lender is Mortgage Express, and we owe £255,000 on it.


Current value of the property, according to my research and estimates, is £123,000. We always felt that the valuers did a dirty on us at the time of purchase. We also pursued this with some legal help, but didn't get anywhere and eventually left it.


The property is in my wife's name - she's a qualified Accountant, but is currently not working as she looks after our 4 kids. My wife does not have any assets in her name - the house we live in is in my name only. There's not much money in her bank account either.


However, we only moved to our new place around 8 months ago. Prior to that, the house was in joint names. We sold that house, and the proceeds from that house were used to part pay for this house, but we decided to keep the new house in my name only.


The property in Scotland is on a residential mortgage, but has been empty for a very long time. We have considered repossession a number of times, but are unaware of consequences. We are now considering handing the keys of the Scottish property over to Mortgage Express since its costing us over 1k each month in mortgage payments. It was just a very bad move when we bought it, but that's another story.


We can't even change mortgage as no one will lend us the full amount due to the current valuations. We haven't spoken to MX yet, but wanted some advice as to what happens in our situation if we do hand over the keys, and possibly even make my wife bankrupt?


We definitely can't afford to pay them the difference of 100k if they take the property and sell it at an auction. And we can't afford to continue paying 1k each month either. Plus, it just doesn't rent!


It's a real burden for us now, and with my sole income, its very very hard.


Any help / advice greatly appreciated.



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Just bumping your question up as I am not sure how the propery being in Scotland would affect things.


As you are probably aware the mortgage holder would be liable for any shortfall - but as you say they can not get blood out of a stone and you would have to consider your options when the shortfall was finalised


I would always try and advise to sell before possession but a there is so much negative equity the lender may not allow that - but it really does make sense because as soon as the property is empty then the valuation drops straight away. I guess it depands how much the level of the shortfall will affect you in the long run.


Have you tried talking to your lender at all?

Please note I am not an expert - I am not offering opinions or legal help - Please use all the information provided on the site in FAQ- step by step instructions and library- thanks Jansus:)


offer from A&L 24/8/07 - after case stayed


"What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery




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Hi jansus


Thanks for your reply.


I haven't spoken to the lender yet, but am considering it now. Selling the property is not an option for us because of the shortfall. By the same token, I guess the lender would also not gain much by selling it off at such a loss.


There is no way I can cover the 100k+ shortfall, so I would have no choice but to go bankrupt. But I'm not sure in my particular situation (as described in the original post), what effect that would have on me.

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