Repossession - Advice needed

Alfiemoon75

We have recently had a buy to let house repossessed and sold for less than the mortgage value.  I am expecting to receive a shortfall bill of £30,000, eekks.  We are average earners and we do not have this type of money available to us.  We do want to pay this debt and I know the mortgage company will accept a payment plan however will they keep charging mortgage interest on this. My worry is if they do this we will never pay this money off, I have recently been diagnosed with a chronic illness and may have to give up work in the near future (3 years). I really don't want to sell our home at such a hard time for my husband and kids.  Ideally we would like to pay this quickly so that it has been dealt with before the inevitable happens, and paying interest is going to lessen this chance..

Any advice would be greatly appreciated.

runforlife

Probably best to speak to an independent financial advisor. Is a further advance on your home mortgage available?

Karonher

Even on here you may be better posting on a different forum. This is for diaries.