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Mortgage Shortfall

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Hi

Just looking for a bit advice. Our house is up for sale and is looking like it will sell for around £20k less than what’s left on the mortgage meaning we will have a shortfall to pay back. Does anyone know how this works? I’ve rang the mortgage company and they’ve said a specialist department deal with this thing and it could be a few days before they can call me back.

Comments

  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You really need to wait for them.
    Have a read on this forum and it is very much down to the lender and your circumstances. Some may refuse to remove their charge (effectively cancelling the sale) others may allow you to set up a payment plan for the difference or change the security address if you are buying elsewhere.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As ACG says, it wont sell unless the Lender has agreed terms on any shortfall with you beforehand.

    They control the process due to their charge on the property.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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