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Handing the Keys back
sharonk_2
Posts: 7 Forumite
Hello
I Want to get out of my Mortgage but my redemption fee is so high along with the small equity that is in the house i will be out of pocket financially, i was wondering what happens if i was just to hand the keys back to the money lender..
Can anyone help as it is really beginning to be a rope round my neck.
Thank you
Sharon
I Want to get out of my Mortgage but my redemption fee is so high along with the small equity that is in the house i will be out of pocket financially, i was wondering what happens if i was just to hand the keys back to the money lender..
Can anyone help as it is really beginning to be a rope round my neck.
Thank you
Sharon
0
Comments
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They add the early repayment charge to your outstanding debt, pile on admin and legal fees and chase you for the money.
If you are struggling, seek help. Handing the keys back is unlikely to help.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Thank you very much, its not that i am struggling as sorts it more of i just make ends meet, but i want to change my job (currently run restaurants) and i cant find anything that will pay my salary so i will have to take a pay cut.
Catch 22 really i want a better work/life balance (not to work weekends) but i cant because i cant afford to with my monstrious mortgage...
Grrrrrrrrrrr
Thank you0 -
When does your deal come to an end? Also, check if the ERC decreases year by year or not. Could you take in a lodger to allow you to overpay/save?0
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try selling privately to make the small profit you can with your equity and then use that to pay any fees and charges.0
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the lodger idea is very good. There are alot of people desperate for somewhere to live at the moment and it can be a win win situation. I know this from experience. Although it is very frightening to take the leap.0
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They can and WILL chase you for anyshortfall for 11 years,,,i know someone this happened too..they had moved on in life and it was a good job he had told his wife about it,,He settled with a full and final offer with them..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
They can and WILL chase you for anyshortfall for 11 years,,,i know someone this happened too..they had moved on in life and it was a good job he had told his wife about it,,He settled with a full and final offer with them..
Yup. I would deal with the shortfall via a full and final settlement offer or consider bankruptcy/IVA.0
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