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Mortgage shortfall


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We need to sell our house , as we need to move (health reasons and long story)  we have an interest only mortgage which started off with GE and is now Kensington 🙄  we were sold the mortgage through a broker back in 2006 we were very stupid as we didn’t understand what an interest only was at the time and it was never explained that we would need a policy to pay off the loan at the end of the term , our credit rating was crap and still is really but the house is now in negative equity it will never increase to the prices they once were because of the area if we get asking price then we will be about £7000 short we have no savings and wouldn’t be able to get a loan to clear it  , I have contacted Kensington to see 1. If we can actually sell and 2. What happens with the shortfall , they sent out a shortfall pack but at the moment it’s not relevant till we get an offer , then we have to fill in the form with the valuation report and offer and our income and expenditure and offer of repayment of the shortfall, my worry is what happens if the don’t accept the offer of our repayment? Luckily we don’t need another mortgage because we are going to be renting off family but just wondered if anyone else has had a similar experience? We also were taken to court back in 2009 for arrears but we managed to come to an arrangement, and paid most of it back and a small remainder was added on to the mortgage would there be any charges we could claim back?

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