Santander Harrassment

rtho782

Maybe it would sell at £450k.

Still leaving her £300k to buy another house with, which for one person is a massive amount.

Auction may well be the way forward.

kingstreet

Equity release product to repay the mortgage?

chimchiminey

Thanks. lets hope so. I will seek advice on auctioning. A loss of up to 200 k is a killer but its gotta be sold.

chimchiminey

Equity release? Can she do that at 65? I don't actually know what that is? I will google.. Thank you!

kingstreet

Equity Release is likely to be the next major exit route for those with interest-only mortgages approaching/at retirement without a repayment vehicle in place.

She may be able to take another interest-only product if she has the ability to make the payments with term until sale/estate on death whichever comes sooner.

A mortgage broker with extended lifetime mortgage permissions or an IFA would be best source of advice on this.

chimchiminey

Thank you so much for this. And I'm guessing she could sell at anytime and pay off the scheme at that point? Could she transfer the lifetime mortgage over if she wishes to get a smaller property? Its a huge house, too big for her.


This is such a great help, thank you. She will feel relieved, I'm sure.

amnblog

kingstreet wrote: »

Equity release product to repay the mortgage?

You would have thought Santander would include such options as this in an information pack designed for these situations.

chimchiminey

No, they referred her to a debt management agency, and wanted written proof that she made an appointment with them.

amnblog

chimchiminey wrote: »

No, they referred her to a debt management agency, and wanted written proof that she made an appointment with them.

Nice, they should be very proud.

Thrugelmir

chimchiminey wrote: »

If you heard the nature of their calls, you would call it harassment. I'm not arguing with what they are saying. Its how they have been.

The nature of the job is to resolve the issue. Not to give advice or words of comfort. You'll be surprised how many money drag their heels when it comes to settling outstanding debts. Putting everything else before the creditor.

I will seek advice on auctioning. A loss of up to 200 k is a killer but its gotta be sold.

A loss. Or less cash remaining. You seem convinced that the property is worth £x. Yet feel that an auction won't realise a good price. Doesn't add up. As there's plenty of auction bargain hunters that would happily turn a £100k profit for doing absolutely nothing.