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rippedoffagain

Expired mortgage

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Our mortgage expired four years ago.

We have been paying interest only for a number of years (many) after the lender offered to change us from a 25 year standard repayment mortgage.

 

When we reached the end of the 25 years the lender allowed us an informal two year extension of the mortgage period.

This two year period passed without any comment from the lender, and we continued to pay the interest each month for another eighteen months.

 

A few months ago the lender decided that we must pay the outstanding mortgage, around £50k or face litigation. 

We looked into re mortgaging with other lenders with no success. (Current value around £135k)

Our lender eventually offered us an assisted voluntary sale, allowing us six months to sell, and appointed an asset manager.

 

My problem is,

they and their appointed estate agent seem more interested in selling at the greatest speed possible rather than assisting us getting the best price within the allotted time.

I am considering simply selling the property through an estate agent appointed by me, and taking the chance that we can sell our property before the lender can obtain a possession order. 

 

Any advice would be greatly appreciated.


Please note: I give advice, in good faith, based on my reading and experience. Please satisfy yourself, that any advice given is accurate in content before acting upon it.

A to Z index

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html

 

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nothing to stop you doing that.

Why cant you get a mortgate elsewhere? Age? financial problems? Problem with property?

knowing what is holding things up would help a little

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Not just enough equity, and I am a carer to disabled wife, so low income. I would be interested to know how long it is taking for court hearings, roughly.


Please note: I give advice, in good faith, based on my reading and experience. Please satisfy yourself, that any advice given is accurate in content before acting upon it.

A to Z index

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html

 

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