Avatar Image
Denisdiamond | 10:55 Tue 23rd Jan 2007 | Business & Finance
6 Answers
I have a flat which is valued around �130,000 and an interest only mortgage owing approx. �50,000. I was made redundant about a year ago and have another job which is badly paid, with the result that I am having great difficulty keeping up with payments. What could be the legal and financial implications if I cannot pay my motrgage.


1 to 6 of 6rss feed

Best Answer

No best answer has yet been selected by Denisdiamond. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
You will lose your house. Remember the small print " Your home it at risk if you dont keep up repayments"
Question Author
With that possibility in mind,boro, how would I end up financially
Basically they will repossess your house give you say a week to get your belongings out and sell the house at auction. Financially i dont understand you will be homeless the mortgage company will not give you anything so what ever you have i yours
-- answer removed --
If you really cannot afford the mortgage - sell the flat for �130,000, and pay off the mortgage.

You can then rent privately until you are in a better position.

You should be left with around �60 -70k after all the expenses.
Question Author
Thanks caz, and everyone else. Good advice. I,ll keep you posted.

1 to 6 of 6rss feed

Do you know the answer?


Answer Question >>