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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11450
Experience:  30 years as a practising solicitor.
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I have a small mortagage on my hause. have been paying only

Customer Question

i have a small mortagage on my hause. have been paying only iteress .bat the term is finisced and the bank now want the capital to be paid. bat i im selling anator property to faund the money to pay back to the bank will they wait
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
If the mortgage term is up the lender can insist on repayment or they may apply to have the house sold. However, many lenders will allow you a period to sell the other property as they seem to have done here. You will have to ask the lender to extend the period until the other house is sold.
One thing not to do is ignore the lender. You have to stay in touch with them and give them updates as to where your are at with the sale of the other property.
I hope this helps. Please leave a positive response so that I am credited for my time.