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Sale offer 5k less than mortgage...best option for shortfall?
johnlewis_2
Posts: 3 Newbie
Hi
My girlfriend has had no luck selling her house, but its going through now to cut her losses at 5k less than the mortgage.
Only problem is Standard Life won't accept this, even though if she gives it back to them they will auction it and she's liable for the difference. To the tune of 15k!! Why can't they see she's helping THEM!
So question is, what's the best option for the shortfall? She's thinking a loan with HSBC, her bank. The sale will fall through if she can't clear the whole mortgage by completion day, which is looming.
Anyone have a better idea?
BTW I know my second names Lewis but I'm rubbish with cash, Martin's expertise is not a family trait.
My girlfriend has had no luck selling her house, but its going through now to cut her losses at 5k less than the mortgage.
Only problem is Standard Life won't accept this, even though if she gives it back to them they will auction it and she's liable for the difference. To the tune of 15k!! Why can't they see she's helping THEM!
So question is, what's the best option for the shortfall? She's thinking a loan with HSBC, her bank. The sale will fall through if she can't clear the whole mortgage by completion day, which is looming.
Anyone have a better idea?
BTW I know my second names Lewis but I'm rubbish with cash, Martin's expertise is not a family trait.
0
Comments
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Her best bet maybe to take a personal loan to clear the shortfall. When you say the completion date is looming, how close is it? I assume she hasn't exchanged contracts yet.0
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Oh its a while off yet, additionally she's arranging a meeting tomorrow with her bank manger. Cheers.0
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Just get a personal loan or sell some stuff to cover it.0
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As she is this close she will have to borrow from somewhere. Hopefully if her mortgage payments were up to date and she has a decent rating a 5k loan will be available at a sensible rate without too much trouble.
We had 4k negative equity in 1994 but our sale took six months to go through. We went on a real economy drive - tomato pasta anyone? scrimped and saved to raise the money to move without a loan which we just did by the skin of our teeth.0 -
She isn't doing them a favour by offering them less than the value of the mortgage by £5k. They are entitled to the full amount.
She can save herself money by borrowing the money elsewhere and paying off the mortgage.0
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