We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgaging with repossession looming.
Options

1canshortofasixpack
Posts: 83 Forumite


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
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
0
Comments
-
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.0
-
1canshortofasixpack said: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.0
-
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.
0 -
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.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards