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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My interest only mortgage has ended I have no funds to pay

Resolved Question:

My interest only mortgage has ended I have no funds to pay my mortgage off and I have tried without success to remortgage and the building society I'm with are saying that I have to pay money (balance of mortgage) or put house up for sale! I am still paying them each month,can they reposse my home?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
For now please let me know how long is left? Does it have a right to renew?
Customer: replied 2 years ago.

It ended March 2014 and I'm not sure about right to renew, haven't been made aware of it, when my husband passed away,(he did everything) it wasn't until I informed the b society that I was nearing the end of interest only mortgage and I didn't have insurance cover

Expert:  Ash replied 2 years ago.
Can they claim possession sadly yes.
This is because if there is a balance owing and there will be because its interest only, they can apply to the Court for possession. What you would need to do is get an alternative mortgage with someone else. But sadly you cant force the current lender to give you a further advance.
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Can I clarify anything for you about this today please?
Alex
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex