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Bank Repossession

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Author Topic: Bank Repossession  (Read 284 times)
Newbie
Posts: 6

I like property

« on: May 29, 2019, 02:31:14 PM »

The 10 year mortgage for my buy to let property has expired and the money to pay off the bank is still held up for last 2 years. The bank has now appointed a receiver to take over the manaement of the property asI hve a tenant with valid rental agreement till 28 November 2019.

Can I apply to Court to defer the repossession tilll end of November?
« Last Edit: May 29, 2019, 02:45:11 PM by clarence »
Full Member
Posts: 156

I like whiskey

« Reply #1 on: May 29, 2019, 02:42:14 PM »

We need a whole lot more information.  Does the bank have possession now?  Have you applied to the bank to extend the term?  Why haven't you just gone to another lender for an interest only mortgage?
Newbie
Posts: 6

I like property

« Reply #2 on: May 29, 2019, 02:49:03 PM »

Thank you so much for your response, Mortimer.

I did ask the Bank to allow me to repakage but the said it's too late. I asked to remortgage  but was told my income is too low (I am unemployed and only have a small private pension of 300)

With no emplymentment, there is not much any other bank would give. Is there?
Full Member
Posts: 156

I like whiskey

« Reply #3 on: May 29, 2019, 03:27:59 PM »

If the rental income covers the mortgage payment, then it's probably within criteria for the Mortgage Works.  Also you could try Kensington or Accord.

See a professional mortgage broker.  Find one that doesn't charge a fee (the lenders pay them to package mortgages, so they don't always charge you).
Newbie
Posts: 6

I like property

« Reply #4 on: June 03, 2019, 12:09:40 AM »

@Motimer
Thank you so much for the information. I will check these out this week.
God bless you.
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