Cancelling Direct Debit

gwynlas

I've currently placed one of two flats on the market but unfortunately there's been a boiler problem in the past week. This meant I have had to get it replaced in order for tenants to have heating and hot water. Not having any spare cash to pay for this all I can think to do is to cancel direct debit mortgage payment and write to company informing them why. I will be redeeming mortgage once property sells but wondered if this was likely to cause me problems in the short term. Any advice would be appreciated

[Deleted User]

It would cause you massive problems, short and long term. Mortage arrears are not a good move.

shonzyd

if your only option is to cancel direct debits your mortgage should be the last. you must have other outgoings?

Goldiegirl

If you want to miss a mortgage payment, you need to approach the lender before you miss the payment, in order to get their permission.

Assuming they agree, you can enter an arrangement to pay off the arrears over a period of time.

It's not a good idea to just to miss the payment without their prior agreement.

They treat that as unauthorised arrears and are less likely to work with you to resolve the situation.

Thrugelmir

gwynlas wrote: »

Not having any spare cash to pay for this all I can think to do is to cancel direct debit mortgage payment and write to company informing them why.

Sounds like a slippery downward slope.

Is the property you are selling empty?

KTF

What you suggest would not be wise.