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JGM, Solicitor
Category: Law
Satisfied Customers: 12176
Experience:  30 years as a practising solicitor.
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Hi there I currently have a 10-year secured loan on my property

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Hi there
I currently have a 10-year secured loan on my property - and the loan is interest only. I have to pay the capital of £28,000 in full by September 2016. I also pay £133 per month for interest.
The company which i took it out with (SPPL) went into receivership and have since passed the loan to Acenden Mortgages.
What are my rights if I am unable to pay the full £28,000 by 30/09/16? Can they enforce the sale of my property? I intend to give them everything that I have toward it (I project this to be around £18,000) and ask the pay the rest in installments; would this be acceptable ?
Thank you for your question.
They can insist on payment of the capital at the term of the loan and yes they could call up the loan and sell the property. That is the legal position. In practice many lenders will extend the loan or allow you to seek funding elsewhere.
Happy to discuss further.
Please leave a positive response so that I am credited for my time.
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