Mortgage term ends in 18 months!! Unable to extend with current Mortgage provider

Cocoandbecs

I have separated from my ex and moved into a property that I own but had previously rented out. The property I moved out from was due to exchange but fell through at the last minute a few days after I moved out. The term on the mortgage of the property i now live in ends in 18 months and the plan was to use my capital from the sale of the other property to pay off the loan.  I am unable to extend this term as I am still on the Mortgage of the other house and it is struggling to sell. Can anyone let me know my options for the worst case scenario if my current home mortgage ends and the other property still hasn't sold. We have reduced the price its just the market in our area for info.

born_again

What sort of mortgage is it on the property you are living in now? Interest only?

ACG

Best case scenario you find a new lender or the house sells everything is ok. 
Worst case neither of those happen and the lender wants their money back. It wont happen overnight, you can probably drag it out over 12 month. But they will be added charges. 

You have 18 months, accept an offer on the property? Sell it and then start making a dent into the repayments of the balance if there is a shortfall. 

If the balance is say £100k and you get it down to £20k and have shown that you are paying off the balance but wont have it done in time, they will very likely go with it. I cant imagine a judge would agree to an eviction on a small mortgage that is being paid down. Do what you can and most lenders will be fine with you. Its the people who stick their head in the sand or are awkward that get pushed out - usually because there is no alternative from the lenders perspective. 

Speak to a broker about the mortgage options.
Speak to another agent about the property, is it priced right? Does it need a lick of paint etc. 

Cocoandbecs

born_again said:

What sort of mortgage is it on the property you are living in now? Interest only?

Yes interest only. I have 93000 outstanding and property valued at £475000. 

Cocoandbecs

ACG said:

Best case scenario you find a new lender or the house sells everything is ok. 
Worst case neither of those happen and the lender wants their money back. It wont happen overnight, you can probably drag it out over 12 month. But they will be added charges. 

You have 18 months, accept an offer on the property? Sell it and then start making a dent into the repayments of the balance if there is a shortfall. 

If the balance is say £100k and you get it down to £20k and have shown that you are paying off the balance but wont have it done in time, they will very likely go with it. I cant imagine a judge would agree to an eviction on a small mortgage that is being paid down. Do what you can and most lenders will be fine with you. Its the people who stick their head in the sand or are awkward that get pushed out - usually because there is no alternative from the lenders perspective. 

Speak to a broker about the mortgage options.
Speak to another agent about the property, is it priced right? Does it need a lick of paint etc. 

The issue is I don't live in that property anymore my ex does. The reason the sale fell through last time was he pulled out at last minute. He is very controlling and won't reduce the amount being asked any more. I have taken legal advice and not alot i can do as he plays the part when needed too. There are still viewings so hopeful it will sell soon just preparing for the worst scenario. it is definitely a doer upper and would need a large lick!! 

Hoenir

Cocoandbecs said:

 The reason the sale fell through last time was he pulled out at last minute. 

Is this a joint mortgage then ?