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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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We are currently in arrears with our mortgage as I have taken

Customer Question

We are currently in arrears with our mortgage as I have taken a job where the basic salary is very low and the bulk of the earnings will eventualy come in the form of commission. I stand to inherit a half share of two properties with a current combined value of around seven hundred thousand pound, The owners of the properties my Aunt and Father are 86 an 89 respectively. Is there any type of Morgtgage or way of deffering payment based on my inheritance that can stop the possible repossession of my home that exists.
Submitted: 8 months ago.
Category: Law
Expert:  Ash replied 8 months ago.
Hello my name is ***** ***** I will help you.
How much are you in arrears by and what is the term left on the mortgage please? Alex
Customer: replied 8 months ago.
I am currently almost £10,000 in arrears and there is about 15 years left on the mortgage
Expert:  Ash replied 8 months ago.
Can you afford your current mortgage plus say £55 a month off the arrears?
Customer: replied 8 months ago.
No that's the problem my current salary does not come close to covering the mortgage which is why I was wondering if there was a way of leveraging against my inheritance with either a bespoke mortgage or in some other way
Expert:  Ash replied 8 months ago.
Are you on interest only or capital repayment?
Customer: replied 8 months ago.
Capita Repayment
Expert:  Ash replied 8 months ago.
Have you asked to switch to interest only?
Customer: replied 8 months ago.
They have said no
Expert:  Ash replied 8 months ago.
Its bad news I am afraid. You can make them go onto interest only or defer the payment. You can ask, but if they say no, you cant make them.Your options are:1) Go to the Financial Ombudsman. They can see if Northern Rock are acting unfairly and can consider your complaint for free as they are independent. They are located at: www.financial-ombudsman.org.uk2) Consider a broker to try a different lender.They can search the market for you. I have listed some here:http://mortgagepro.co.uk/mortgages/bad-credit-mortgage.phphttp://clickresidentialmortgages.co.uk/http://www.onlinemortgageadvisor.co.uk/bad-credit-mortgages/bad-credit-mortgage-broker/http://www.justmortgagebrokers.co.uk/bad-credit/Can I clarify anything for you about this today please?Alex
Expert:  Ash replied 8 months ago.
If this answers your question could I invite you rate my answer 3, 4 or 5 starts before you leave today.I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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