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Birmingham midshires building society - interest only mortgage expired


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Birmingham midshires  building society gave me ninety days to sell my house to pay off the loan,

ninety days has now expired without finding a buyer for my property and

 

now they are threatening me with litigation . 

 

I am 71 years old and my health is very bad.

 

  would appreciate some advise please       

 

 regards      keith

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Contact them to see if you can talk to someone about the options available. 

 

They will not want to take legal action, but may do so, if you are not engaging with them.

 

How much mortgage is left ?

 

What is the market value of the property ?

 

What is your total net monthly income ?

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  • dx100uk changed the title to Birmingham midshires building society - interest only mortgage expired

ouch £76k, all mortgage lenders for many many years have been mandated to send out regular letters upon how people with interest only mortgages intend to settle at the end of the term, have you not been getting these? just ignored everything??

 

when did you take this mortgage out?

 

do you have all the statements from day one?

have you ever had issues paying, there could be £1000's in unlawful fees, but not £76k!

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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You should obtain financial advice from someone qualified.

 

There may be interest only mortgages available for someone in your situation.

 

Purely as an example, the following link is from Legal & General. But please do obtain independent financial advice before you consider taking out any financial product to make sure it is the best option for your circumstances.

 

WWW.LEGALANDGENERAL.COM

Our Retirement Interest Only Mortgage is a loan secured against the value of your home where you have to pay the interest each month...

 

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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Professional advice (who can advise on repayment mortgage vs one of the 2 types of equity release mortgage).
 

What are your priortities?

a) staying in your house unless / until you need long-term care?

b) releasing funds now?

c) maintainng equity to be passed on in a will?.

 

A professional advisor can help you balance these conflicting requirements to find the best solution for you.
You might also consider seeking advice from Age UK (Age Concern and Help the Aged have merged) and also Shelter.

 

 

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