Can I remortgage shared ownership with arrears ?

avaleriea

Hi 


I have a shared ownership since 2008. I have always paid for the rent and though they made a mistake as I moved out of the UK and continued to pay by Direct debit via HSBC and had the right to rent. 
They did not update me quickly enough on the increase of the monthly rent that was greater than the mortgage with Leeds building society. It had been years of trying to find a solution as years had passed before realising that I was pay below what they wanted. They sent email for due charges But they received the amount by DD. It is a total.of ,9000 and after so many years they want to repossess when I never missed an payment. They are using the lender to do so. Can I remortgage to avoid this seeing that they know my weakness is to be outside the UK ?

TheSpectator

Does the lender know you are outside the UK? 

marcia_

 You wont get a mortgage off a uk bank if you don't live in here 

DE_612183

not sure what you mean here - if you pay by direct debit then I'd assume that the DD would go up if they requested a higher amount.

Are you saying they didn't change the DD amount for the higher value which has left you in arrears?

I'm not sure you should have a shared ownership property if you live outside of the UK - it's probably part of the T&Cs.

If you are not living in the UK I suggest you sell your share.

Hoenir

Given the extent of the arrears and the fact that you are non resident. There's very little chance of obtaining a BTL mortgage. 

born_again

I think this post from OP in 2013 might fill in some blanks.

https://forums.moneysavingexpert.com/discussion/4431099/french-residing-in-france-to-remortgage-in-the-uk#latest