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Mortgage Shortfall 50k Can I offer Full and Final Settlement

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  • fatbellyfatbelly Forumite
    18.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Forumite
    I have seen very low mortgage shortfall f&fs around 10%, which is probably what the mortgage adviser and the CAB were thinking of.

    However, that has always been in the scenario where someone has lost their only property and is now in rented accommodation with no way of repaying the whole sum in a reasonable period, but access to a small lump sum. The choices are then f&f or bankruptcy, which tends to focus the mind of the lender.

    Unfortunately your main property, with its equity, gives the lender more options.
  • jojobexjojobex Forumite
    1 Post
    First Post
    Newbie
    Hi Im really interested to know how this worked out. I am in the process of a voluntary repossession, 70k shortfall. I would be really interested to hear how things worked out for you (also in N.I).
  • With only 9 posts and none in over three years, I doubt the OP will provide further updates.
  • luvchocolateluvchocolate Forumite
    3.1K Posts
    Tenth Anniversary 1,000 Posts Name Dropper Home Insurance Hacker!
    Forumite
    OP hasn't been online since March last year 
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