Mortgage company problems

joe_pineapples_3

Hi
I am having a problem with my mortgage company.
Basically I am in the process of selling my house and am the stage of just about to exchange contacts but my mortgage company is not happy. I lost my job in September and because of that and other reasons I put my house on the market, found a buyer straight away and everything is going through fine, however I am nearly 2 months in arrears and they are demanding it goes through quicker.
I have told them the completion date should be around the 26th of this month if not earlier but have been told if it is past this date if only one day they will put a minimum charge of £6,000 on me and begin repossession, I cant sell it any quicker!
Can they do this at this late stage? I am not even 2 months in arrears and they are already charging me nearly £11,000 in fees just to sell the house.
Thanks for any help!

silvercar

Your solicitor will apply for a redemption statement which will give the amount required to clear the mortgage. It usually says to add an amount for every day that the sale is late based on a day's interest and that the redemption statement is valid for x days. I can't see why they would not do the same hear and reckon they are trying to pressurise you to move quickly.

If you give the name of your lender, people may know how they treat customers.

Maybe they need reminding of the need to "treat customers fairly" from the council of mortgage lenders! You've done all you can to pay off this mortgage, they should accept they can't get blood out of a stone.

joe_pineapples_3

Thanks Silvercar
I think they might be trying to pressurise me too but it seems to be a quick sale so far.
The mortgage company is Future Mortgages.

Dan_Collins_2

Future are a bunch of cowboys! They are owned by huge American finance house/bank and have made a profit, not as huge as normal so they have the hump! They are the kind of lender that lends to high risk clients and they collect to reflect that.

I am guessing that if you let them request a possession order the court will let your current chain run. I think you are correct and they are playing hard ball.

Dont budge on the move date however play your side as by the book as pos, call them at least once a week up-dating them and if you can make token payments, even if its £20 the court will see you are willing but just cant pay at the mo!

Good luck and if you need advice or just a chat to get things off your chest call the CCCS 0800 138 1111 8-8 mon to fri and they are free and backed by the Government.

I hope you can get one over on Future they really are a bunch of cowboys and very slap dash!

sarkin

wow what a surprise Future

joe_pineapples_3

Basically I have to phone them today and update them, if I say there is a completion date of say 26th of this month they may be fine but if I say it is confirmed that the date is say the 1st Dec then they said they will go ahead with repossession which I find incredibly unfair and will surely put the sale in jeopardy?
The actual sale has only taken around 5 weeks so far so it's not like it's dragged on and on.
It's seems Future are one to avoid in future!
Thanks for your help people.

silvercar

To gain repossession they are going to have to go to court. I don't think a judge will be impressed that they have gone to court when you have a sale proceeding with a likely completion date in the next few weeks. At best they will get a suspended possession order at worst the judge will lecture them on wasting time and money and they will go away with a flea in their ear. Please don't let them intimidate you, let them know that you have taken advice and won't fall for their bullying tactics.

luckyfool

joe_pineapples wrote: »

Basically I have to phone them today and update them, if I say there is a completion date of say 26th of this month they may be fine but if I say it is confirmed that the date is say the 1st Dec then they said they will go ahead with repossession which I find incredibly unfair and will surely put the sale in jeopardy?
The actual sale has only taken around 5 weeks so far so it's not like it's dragged on and on.
It's seems Future are one to avoid in future!
Thanks for your help people.

I cannot see how they could charge £6,000 for the repossession!

Also even if they started proceedings for repossession later this month, in the unlikely event that the court hearing came up before your sale completed, no judge is going to give them possession of the property in these circumstances. They may just be following a rigid set of guidelines, and acting to protect themselves in case the purchase does not go through. i.e. if the judge gave a suspended repossession order which would allow them to take possession quickly if you did not either sell the property, or start making a certain monthly payment by a certain date. i.e. if you don't sell, then they can fast-track the repossession at that point.