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Remortgaging with repossession looming.

Options
Hi Folks
After a bit of advice, better late than never.
Briefly, hopefully. My mortgage term ended 3 years ago and I couldnt pay it off. I was on a repayment but then went through bankruptcy and switched to interest only. I managed to hang on to the house at the time. In the intervening years I have retrained and worked hard to be now earning some decent money. It all seems to be coming to a crunch as the mortgage provider is now engaging solicitors to get a court order for repossession and i am not sure whether I can remortgage in time.
There is plenty of equity in the house, value approx £360k, mortgage outstanding £128k.
Advice on options would be most welcome, thank you

Comments

  • MWT
    MWT Posts: 10,214 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Talk to a broker... quickly... and do tell the current lender you are actively seeking a new mortgage.
    After 3 years I wouldn't expect them to stop their solicitors as they are of course working at your expense, not theirs.
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    It all seems to be coming to a crunch as the mortgage provider is now engaging solicitors to get a court order for repossession and i am not sure whether I can remortgage in time.

    Lenders now have a duty of care. Repossession is a last resort after all other avenues have been exhausted. Why has it now reached this point?  
  • fatbelly
    fatbelly Posts: 22,952 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    The repossession process is quite drawn out.

    Do you have a date for the hearing yet?

    It doesn't matter how it got to this point but you do need to talk to a broker urgently.

    Did the Official Receiver leave any mark on your Land Registry entry? Hopefully it's clean.
  • user1977
    user1977 Posts: 17,789 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Repossession is expensive and risky for lenders, they will always prefer to take the cash from a remortgage/sale - but may need some persuasion that you are genuinely on course to come up with the money and not just stringing them along.
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 14 July 2024 at 12:36PM
    fatbelly said:

    It doesn't matter how it got to this point but you do need to talk to a broker urgently.


    Will have a considerble bearing on options available. 
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