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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a mortgage with mortgage express which terminates in

Customer Question

I have a mortgage with mortgage express which terminates in August 2017 . It's an interest only mortgage the outstanding balance is £330,000.Unfortunately, due to the oil & gas demise I am not working at the moment but should be working by early next year.
If I can't pay the mortgage off in the 18 months time when it is due.
What are my options?
How do I stand legally with the Mortgage Experss building society .
Will they extend my mortgage for a interim period 3- 5 years.
I am 65 next year so unlikely to be able to get amortgage.
I wrote to the mortgage express with a registrated letter ,explain my situation and if they could stipulate in a written reply my options.
The guy in the phone seemed of a junior level and not quite sure .
He said he couldn't give me written letter saying their procedures and wouldn't say if they would foreclose on me or give me a adequate light of time to sell it .
I would the worst.case have a shortfall of £150,000 and my sons would be able to help with regularly payments if I need them to
Is there a mortgage obsbudman I can contact
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
Did you know it was interest only when you took it out?
Customer: replied 1 year ago.

yes it was

Expert:  Ash replied 1 year ago.
If I can't pay the mortgage off in the 18 months time when it is due.
What are my options?
You would either have to move out, get another mortgage or sell the property.
How do I stand legally with the Mortgage Experss building society .
You knew it was interest only, therefore you knew you had to repay at the end of the term. They are allowed to repossess on the basis you have failed to repay the loan.
Will they extend my mortgage for a interim period 3- 5 years.
You need to ask them, they can refuse and sadly you can't force them.
I am 65 next year so unlikely to be able to get amortgage.
I wrote to the mortgage express with a registrated letter ,explain my situation and if they could stipulate in a written reply my options.
The guy in the phone seemed of a junior level and not quite sure .
He said he couldn't give me written letter saying their procedures and wouldn't say if they would foreclose on me or give me a adequate light of time to sell it .
I would the worst.case have a shortfall of £150,000 and my sons would be able to help with regularly payments if I need them to
Your son may NOT be able to take over the mortgage, the house would need to be in his name.
Is there a mortgage obsbudman I can contact
Yes there is: www.financial-ombudsman.org.uk
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
Expert:  Ash replied 1 year ago.
Hi

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

If you have not done so already 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