Interest only mortgage

csgohan4

RADDERS wrote: »

I wonder what would happen if you just keep paying the mortgage after the term has ended? I know people say that the property would be repossessed but I have yet to hear of a financial institution actually doing this, especially if there are no arrears.

Has anyone else heard of this actually happening not just threaten to be repossessed as I struggle to see how a judge would allow this especially with a small mortgage so there is not a great deal of risk to the institution of not getting the capital back when the property is eventually sold ie it would end up being a life time mortgage.

Ermm so your suggesting to see what happens instead of tackling this head on???? Hoping the bank wont take the property back?


The OP owes the bank money and this is due at X time. no pay means bank takes the house back. Of course the bank could try and mediate with the OP but this doesn't always help as OP can't pay up.


Your example is just like getting a car on finance, come the end of the term you either pay up or give the car back. But you want to keep the car and not pay up, I don't think this will work.


Shelter is a useful website
http://england.shelter.org.uk/get_advice/repossession

Thrugelmir

RADDERS wrote: »

I wonder what would happen if you just keep paying the mortgage after the term has ended?

Lender would enforce the contractual terms.

OP you need to be thinking ahead with an alternative plan.

RADDERS

csgohan4 wrote: »

Ermm so your suggesting to see what happens instead of tackling this head on???? Hoping the bank wont take the property back?


The OP owes the bank money and this is due at X time. no pay means bank takes the house back. Of course the bank could try and mediate with the OP but this doesn't always help as OP can't pay up.


Your example is just like getting a car on finance, come the end of the term you either pay up or give the car back. But you want to keep the car and not pay up, I don't think this will work.


Shelter is a useful website
http://england.shelter.org.uk/get_advice/repossession

I asked a rhetorical question as in I wonder what would happen. I do have knowledge of this as I work in finance and the question was does anyone actually know of anyone that has actually been repossessed and not just threatened to be.