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Selling an asset
Johno147uk
Posts: 2 Newbie
I have a interest only mortgage which has come to an end. I have recently used an financial advisor to remortgage. I declared income and debt to him as requested. He told me i needed to clear the interest free credit card debt that i had, approximately £7000, i advised him that my savings did not cover the amount and i would have to sell an asset that was left to me by my late father. He told me this was not acceptable by the lender to sell an asset to repay a debt and has informed me he is unable to help further.. Anyone heard of this before.. Due to the fact i was unable to remortgage i have now had to sell my home and repay Barclays who i must admit have been extremely aggressive towards me.
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Comments
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Johno147uk wrote: »I have a interest only mortgage which has come to an end. I have recently used an financial advisor to remortgage. I declared income and debt to him as requested. He told me i needed to clear the interest free credit card debt that i had, approximately £7000, i advised him that my savings did not cover the amount and i would have to sell an asset that was left to me by my late father. He told me this was not acceptable by the lender to sell an asset to repay a debt and has informed me he is unable to help further.. Anyone heard of this before.. Due to the fact i was unable to remortgage i have now had to sell my home and repay Barclays who i must admit have been extremely aggressive towards me.
I don't think the part about a lender not liking you selling something to pay your credit card debt sounds right. As long as the funds were from a legitimate source, and you could prove it, I don't see why a lender would be bothered about where the money came from.
Were you hoping to remortgage to a repayment mortgage or get another interest only mortgage?0 -
Hi not sure what you mean about the lender not liking me.. Lol... I was going for a life time mortgage with Hodge life because of my age. I have it in writing from the financial advisor regarding selling my asset and of course its legitimate otherwise i would not have mentioned it to him lol0
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