When my parents both died, I stayed in the family home, however it still had an interest-only mortgage. Since this period has already expired, how long will it take for the lender to start repossessing the property? How could I,NT re-mortgaged earlier because it wasn’t working.
I am currently paying mortgage payments on an expired date, and now that I am working full-time, I have seen a mortgage broker who said that because of one late mortgage payment last October, I will need to wait for the credit report to arrive. So I’m looking for about 2/3 months before I can apply for a mortgage in my name. Affordabilty check, etc. This is normal and only looking for a small amount of £39,000 the cost of a home loan of £72,000 is so small, LTV%. Do you think the lender will give me time to secure a repeat mortgage as the broker is very confident that he can secure it any advice or options would be very helpful the mortgage term ended 3 weeks ago. I was told that due to the return of covid 19 is suspended until the end of October 20, just hoping that I will have time to secure a second mortgage. I’m not sure it will go to trial if they give me more time.
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.
I think that you should speak again with the Mortgage Company and with your bank. One missed payment is not a serious mistake and they should not take any action. Also I think that due to the covid-19 ordinary things became a little more complicated, for instance, a simple meeting with bank employee. Recently I wanted to make an appointment with my financial consultant because I need to take a loan for a big purchase. But he said that he can consult now only online and he have a long line. It is good that I work only with this company https://www.moneyexpert.com/loans/how-to-get-the-best-rates-on-a-loan/ and they have a great site, so I decided to do all bt myself.
Cool! thanks for sharring!