Hypothetical repossession question

topcat007

Hello,

if i put a 50k deposit down on a 100k house, therefore borrowing 50k mortage with a lender.

If i was repossessed due to some unforeseen issue would they only be interested in selling the house at 50k to make sure they recover their debt and i would loose my money which has been repaid / any deposit i put into it ?

Thank you

Paully232000

As far as I know, from reading here and other places, the lender/EA is under an obligation to get the best price for the house that they can, and have to show that they have done this. ie couldn't sell it to heir mate for £1 in the extreme. Thats why you often see on EA listings something along the lines of 'we have had an offer of X, if you are interested get in touch by such a date'.

someone else will come along and give a more detailed explanation, but that is how i understand it.