Advice

Enemies.Closer

I am just looking adivce with this post.

I have a £270,000 mortgage which I have only ever paid the interest on. The house is worth around £330,000 - £350,000 and with current house selling being very slow it would probably take a while to sell. I am in Northern Ireland just to add.

If I miss payments and the mortgage company repossess my house what are the implications for me and my family??

beecher2

They would sell the house, and it may well be for less than the outstanding debt, leaving you with a huge bill. First thing to do is contact your lender if you are in danger of missing payments. As for selling up, maybe if you put it up at a realistic price it'll go quickly?

Senior_Paper_Monitor

Just to emphasis Mr Beecher's reply - we have just had a potential client off the phone .....

House next door to parents (which she wants to buy) coming on market at £300,000 as a repossession - reckons on market value at £400,000.

Pretty typical of a repossession sale - the lender simply wants to grab back as much of the outstanding loan as possible, selling costs (usually much greater than standard sale) etc will come out and then will chase previous owners for any balance. Little or no consideration given to protecting previous owners equity.

In short try to sell under your own control even if for less than you would like.

Cannon_Fodder

You might need to be more realistic with the valuation...