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mortgage ending can't pay off what to do
marie_hc
Posts: 77 Forumite
Hi all We have a mortgage interest only. The term arrange is coming to an end in 3 months I know this is late to be doing now but!!
We need to extend mortgage for at least 5 year but I am working temporary out of country and paid in country where I am
What should we do with lender? how should we approach them ?? do we have to do a new mortgage again??
HELP ON THIS NEEDED
We need to extend mortgage for at least 5 year but I am working temporary out of country and paid in country where I am
What should we do with lender? how should we approach them ?? do we have to do a new mortgage again??
HELP ON THIS NEEDED
0
Comments
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Speak with a broker to see if they can place you with a lender.
How much is outstanding?
What's the estimated value of the property?
What's your income and which currency?
You say 'we' is the other part of that your spouse/partner? Or someone else?
Are they working?
If so, in the UK or somewhere else?
What's their income and currency, if outside the UK?
Who is in the property at the moment?
How old are you and the other part of 'we'?
As with the above information the resident brokers will say if there are potentially options available.
What happened to the repayment vehicle you had when taking out the IO mortgage to begin with?Mortgage started 2020, aiming to clear 31/12/2029.0 -
Are you letting the property? If so , is the lender aware.marie_hc said:Hi all We have a mortgage interest only. The term arrange is coming to an end in 3 months I know this is late to be doing now but!!
We need to extend mortgage for at least 5 year but I am working temporary out of country and paid in country where I am
What should we do with lender? how should we approach them ?? do we have to do a new mortgage again??
HELP ON THIS NEEDED0 -
I would have thought that you would have to be a UK resident to apply for a UK mortgage ? I guess if you're renting it out you could look for an interest only Buy to Let mortgage0
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You could sell the property and pay off the mortgage in full.With an interest only mortgage - you would have been advised at the time of taking it out that you needed a suitable repayment vehicle for when the term completed.
What was your original plan in settling the debt?0
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