House Repossession (End Of Term Interest Only Mortgage)

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huskyman1 | 15:47 Sat 26th Sep 2020 | Law
7 Answers
When my parents both passed away i was left the family home however it still had a interest only mortgage on it. As the term has now ended how long will it take for lender to start repossession. As i could,nt re-mortgage sooner due to not working.
I am currently paying mortgage payments on expired term and now that am working full time have seen a mortgage broker who has said due to one late mortgage payment last oct 19 will need to wait for that to come of credit report. So looking about 2/3 months before i can apply for mortgage in own name. Affordabilty check etc is ok and only looking for small amount £39,000 loan house value £72,000 so small LTV%. Do you think lender would give me time to secure re-mortgage as broker is very sure he can secure it any advice or options would be very helpful mortgage term ended 3 weeks ago. Was told due to covid 19 repossession on hold till end of oct 20 just hope i have time to secure re-mortgage. Not sure if it went to court if they would give more time.


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Barmaid maybe help you on this one she is very good.
Or AuntPollyGrey if she sees it.
Who's the lender huskyman? Some are more patient than others. Have you spoken to them and explained what's happening?
or chris buenchico
Have you spoken to the Mortgage Company, if there is a resolution they will not want to go to the expense of repossession. If the term has expired I am making the assumption the loan would have been taken out in the 1990's when it would have been very unusual for a mortgage to have been agreed without a vehicle for repayment which would usually been an Endowment policy. So again I have to assume you have checked this.
However, if you are making the repayments now they are unlikely to take any action on one missed payment, but would expect you
to eventually make up the missing payment.

If you are unable to obtain a mortgage to buy the property; then I would think your best option would be to sell the property (pay off the interest only loan amount) and bank the equity, which must be a fair whack given the rise in house prices over the last 20 years or so.
thx ubasses
I didnt think this was really law - in that pay the amount owed and they will keep quiet
which is not really a pt in law

sensible advice to act on
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