Refused interest only payments - Repossession looking imminent

silvercar

With an online estate agency you only get online market exposure, with a high street estate agent you get exposure to people walking off the street and people on the EA's books as well as online. The more exposure the higher chance of a sale.

In your position you need to show you are doing everything you can to get a sale quickly.

garythephotoman

xoAmyox wrote: »

Depending on the size of your property, you could consider taking in a lodger (or two), in order to help cover the cost of the mortgage?

Also, there is a possibility that the lender may offer you a repayment holiday for a short period? This could give you some breathing room while trying to sell perhaps?

I had a while where my employer had to cut all wages, and my lender gave me 3 months holiday - but I could only do this once during the life of the 25 year mortgage.

Thanks, I will look into the payment holiday but think the building society would have previously suggested it if it were an option.

I ruled out a lodger as I have 2 teen daughters who stay for the weekend each fortnight. I also could offer no minimum occupancy time for a lodger as I need to sell asap.

xoAmyox

garythephotoman wrote: »

Thanks, I will look into the payment holiday but think the building society would have previously suggested it if it were an option.

I ruled out a lodger as I have 2 teen daughters who stay for the weekend each fortnight. I also could offer no minimum occupancy time for a lodger as I need to sell asap.

I still think a lodger might be an option, a lot of lodgers do so to be closer to work, so would agree to a Mon-Fri arrangement.

Also, it's pretty usual for a lodger agreement to have no fixed occupancy period - you could simply say that the lodger pays every two weeks in advance, with a two week notice period each way?

I know what it's like with children, but I managed to have a lodger for a while (who I barely saw because of his working hours).

I moved my son to the smallest room, as realistically he only slept in there and spent all of the rest of his time playing in the living room.

At one point, it was so difficult financially that I gave up my own room, and slept on the sofa. Luckily I only had to do this for a month before finding a new job, and the savings were huge.

garythephotoman

xoAmyox wrote: »

I still think a lodger might be an option, a lot of lodgers do so to be closer to work, so would agree to a Mon-Fri arrangement.

Also, it's pretty usual for a lodger agreement to have no fixed occupancy period - you could simply say that the lodger pays every two weeks in advance, with a two week notice period each way?

I know what it's like with children, but I managed to have a lodger for a while (who I barely saw because of his working hours).

I moved my son to the smallest room, as realistically he only slept in there and spent all of the rest of his time playing in the living room.

At one point, it was so difficult financially that I gave up my own room, and slept on the sofa. Luckily I only had to do this for a month before finding a new job, and the savings were huge.

Thanks for that, I did not realise you could be so flexible. I don't like the idea of sharing with a stranger but I do have to consider all options now if Britannia won't offer me reduced repayments.

Dave_the_Ginger_Cat

xoAmyox wrote: »

Also, there is a possibility that the lender may offer you a repayment holiday for a short period? This could give you some breathing room while trying to sell perhaps?

Not many lenders will offer a repayment holiday when a customer is in arrears or showing financial difficulty. Anything is worth asking, but don't be too disappointed if it's a no
I think the lodger option is a good option, particularly a M-F let. I've used Spareroom (not an affiliate, just a happy customer) who have a special category for this, and income will vary dependent on the area.
As previous posters have encouraged, please do keep a regular payment going into the mortgage, even if it's not the full amount.
Good luck, and hope things settle for you