Walking away from my home
in Bankruptcy & living with it
8 replies 974 views
I’m on interest only mortgage. My plan 20 years ago was to sell and pay what I owe to the mortgage provider. However, few months ago we have been told the block I live in has the same material as the Grenville tower and needs to be fixed. We have been told this may take up to 3years to sort. Mortgage matured in just over a year and I retire same time. I will only have state pension. I therefore see no other way out but to walk away and become homeless. Any advice appreciated.
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Accommodation is the most important thing. If you're saying that once the cladding is sorted then the value will rise then sit there until it does and tell the lender what you're doing and why. If you can't pay all the mortgage, then you make a part payment.
Will you receive Pension Credit? If so you can claim Support for Mortgage Interest.
Can you give some figures? How much is the balance of the mortgage? How much is the property worth now? How much will it be worth once the work is done? Do you have debts that you are worrying about?
There are some reasons here from Shelter why this is such a bad idea
Are you being forced to retire at 66? I didn't think that was legal.
Why have you posted this on the bankruptcy board?
It would be worth answering Fatbelly's questions, in which case more meaningful advice can be offered.
Have you not paid into a private or workplace pension?