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Debt advice - mortgage

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Comments

  • janzbro
    janzbro Posts: 39 Forumite
    Fifth Anniversary 10 Posts Combo Breaker
    edited 3 February 2020 at 12:26AM
    I thought lender adds any fees they incur in the repossession and auction of the house to my outstanding mortgage.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    janzbro wrote: »
    I thought lender adds any fees they incur in the repossession and auction of the house to my outstanding mortgage.



    Doesn't mean their insignificant, and if you can't settle the mortgage after selling, your going to have options limited for getting any kind of credit, even if you declare bankruptcy
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    janzbro wrote: »
    I thought lender adds any fees they incur in the repossession and auction of the house to my outstanding mortgage.

    The lender also has internal costs to cover. Staff, premises etc need to be paid for.
  • janzbro
    janzbro Posts: 39 Forumite
    Fifth Anniversary 10 Posts Combo Breaker
    edited 3 February 2020 at 1:02PM
    csgohan4 wrote: »
    Doesn't mean their insignificant, and if you can't settle the mortgage after selling, your going to have options limited for getting any kind of credit, even if you declare bankruptcy

    I did not say they would be insignificant, in fact I would fully expect them to be extortionate, that is exactly why it would benefit them and us to give some options for reducing payments.
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