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can loan repayments be suspended until property is sold
Anyone know if it is possible to suspend/put on hold loan repayments until I sell property.
At the moment the rental income pays the loan but I want to sell and obviously the tenancies will be terminated so no rent coming in = no loan repayments.
Is there a way around this, just wanted to check any possible options so I know what to expect before I see Bank Manager.
Thanks
At the moment the rental income pays the loan but I want to sell and obviously the tenancies will be terminated so no rent coming in = no loan repayments.
Is there a way around this, just wanted to check any possible options so I know what to expect before I see Bank Manager.
Thanks
Speak your truth quietly and clearly;and listen to others,even to the dull and ignorant,they too have their story. Avoid loud and agressive persons, they are vexations to the spirit
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Comments
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If it is a mortgage - if on repayment terms ask for it to become interest only until it sells. This will reduce your payments.
I cannot see that they will suspend forever, the last resort of course would be that they repossess and sell for you!0
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