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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13326
Experience:  Solicitor with more than 30 years experience
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I have a mortgage with Basinghall Finance, with a monthly payment

Customer Question

I have a mortgage with Basinghall Finance, with a monthly payment of around £1100 per month. Since my business failed in 2009 I have struggled with this amount, but have continued to pay above the interest payment of £550 per month without failing on a payment.
I have been in constant contact with the company informing them of both my employment and my wifes disability. Obviously, the company has been accruing the difference between £550 and £1100 per month and we currently have arrears of £9k.
We are now under pressure from them and are possibly looking at legal action in the near future,
The question is surely paying above the interest every month and the property having £60k of equity in it they could help us stay in the property hopefully until things get better!
Submitted: 4 years ago.
Category: Law
Expert:  Senior Partner replied 4 years ago.
Hi Have you tried to renegotiate the repayments? The ombudsman expects regulated lenders to handle arrears issues sympathetically and obviously if you are covering the interest the position is not getting worse. That is assuming you are actually covering the interest which will be calculated on the basis of a reducing balance which presumably is not happening. In any event they should try and reach some sort of agreement with you how to handle the arrears. However you should be aware that the legally if you are in arrears there is nothing to stop them foreclosing and bringing legal proceedings.