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Mortgage advice

Posted by vanessavr - Created: 8 years ago
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5 replies (Showing replies: 1 to 5)

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Posted by Horizon-708278 - 8 years ago

Speak to the manager of your local branch and explain your situation.

Talk to them about interest only.

Explain what your husband is doing to get a new job, and what you are doing to increase your hours. Liek the UK, repossession is not what the bank wants to do. Its a slow and protracted performance for them.

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Posted by Nigel Howarth - 8 years ago

There's an article in this magazine that may help your friends with their situation - 'Help I can't pay the mortgage'

Regards,

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Posted by zany-684605 - 8 years ago

You should advertise the property as much as possible in national newspapers, UK, ebay.uk and other property websites to get attention. You could consider renting out the property, there are agents here who could manage the upkeep etc. Other options are cash buyers or property auction if the situation is urgent but you won't get the market price. Do not walk away and think that it will be ok the bank will search for you, so go and speak with them.

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Posted by spike10,000 - 8 years ago

you cant walk away last week there was a case where a couple in spain did just that, and they were pursued throughthe european courts and there house in the uk had a charge put on it and the spanish banks were forceing a sale which stillleft them in debt to the bank for 20,000.f you have no assets in uk you might get away but you will be constantly looking over your shoulder.talk to your bank some are listening some are not.

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Posted by VinnyC-673555 - 8 years ago

If they paid a deposit and then 4 years off the mortgage, has this not reduced the price to a level where they could sell and break even.

I would go and speak to the bank, ask them how much is left on the mortgage including early redemption fees. If its an amount above the market value ask them what would happen if they walked away.

This will probably raise a few eyebrows but you should always try to get the answer from the horses mouth, gossip, innuendo and people surmising will never solve a problem.

I wish your friends all the best,

Kind regards

Vinny