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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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Dear Sir/Madam, I have an interest only mortgage with the One

Customer Question

Dear Sir/Madam, I have an interest only mortgage with the One Account of £105.000.00 the facility for which will be withdrawn on 19/5/13. My job came to and end in November 2012 so I am unable to renew or make any other mortgage arrangements. I am female, 63 years of age.
My house is worth (valued 2 weeks ago) between £275 - 300 K. I also have a flat with an equity of approx 35K. Both properties are already on the market but no offers yet.
On top of this - I am finalising a private pension arrangement whereby I can take 16.5K (tax free lump sum) with which I would reduce my mortgage balance to 88.5K. On the application, I am asked if I have any creditor action pending against me. The answer to that is not yet, but yes, as of 19/5. DO I NEED TO DECLARE THIS NOW?
I also want to know if there is an Equity Release interest only mortgage up to 88.5K - currently I understand that the most a lender would be willing to give for people 63 years of age (myself) would be £77K.
Can you tell me what else I could do or what you would advise I should do urgently in my situation? I would be most grateful Regards XXXXX XXXXX
Submitted: 4 years ago.
Category: Law
Expert:  Stuart J replied 4 years ago.
Can you tell me what is your specific question?
Customer: replied 4 years ago.

Dear Sir


The most urgent question at the moment is:


 


Do I need to declare on my private pension application that there will be a creditor action against me as of 19/5 if I have not made any headway with my situation?


 


 

Expert:  Stuart J replied 4 years ago.
Have you been advised of pending action or are you anticipating?