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Bank forced house sale - advise please
jorainbow
Posts: 40 Forumite
I hope this is in the correct forum. My partner built 2 properties one completed in 2004 and one in 2008. At the time the bank advised he would have no problem getting a mortgage on both properties once complete even though they had restricted use (part commercial). The first property has been rented out until last week, thereby paying the buy to let mortgage on time. Due to the economic climate when the second was completed the bank made it a loan not a mortgage which was repayable in April of this year My partner has applied for and had the restrictions removed on the second property as the loan needs repaying so this house is now up for sale. The issue however is that the bank have told him he must sell the other house. The tenants had to be informed and gave notice and now he is haivng to pay the mortgage. Did the bank have the right to do this? Confusing I know - can anyone advise?
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Comments
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Did the bank have the right to do this?
No. Not directly. However, they can ask for repayment of the money though and if there is no repayment of the money then they can say that the house needs to be sold or you take the lending elsewhere.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks - they have given a deadline for either of the houses to be sold and in the meantime the loan has been extended and paying the interest so the additional burden of now having to pay the second mortgage has been added.0
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