Selling house with mortgage arrears

shyposter1

I missed the latest mortgage payment - about 15 days ago.

I am selling the house, the arrangements have started about week, Ive instructed a solicitor, deeds requested, initial payments made. Survey has been done by buyer and mortgage approved, things are progressing nicely.

As straight forward we've been told likely to complete about 5 weeks from now.

There is obviously enough equity in the deal to cover the mortgage arrears which will likely be two payments at completion.

Is this likely to present a problem? Ive havent notified the solicitor about it as it doesnt look too good. I not in a position to pay the month arrears until sale or I would of

kingstreet

You may incur late payment fees and the missed payment(s) (if you miss another) will be recorded on your credit file, causing you future credit problems.

I suggest you contact the lender and explain the circumstances. They may be able to solve this short-term issue if they know about it.

silvercar

There is obviously enough equity in the deal to cover the mortgage arrears which will likely be two payments at completion.

Shouldn't be a problem. When you are nearing to exchange and completion your solicitor asks the lender for the amount required to clear the mortgage. In your case it will include the arrears.

I wouldn't let your buyers hear that you have problems paying your mortgage or the estate agent. Sometimes they can think that a repossession is in the offing and they will be able to buy cheaper.