My age is 46 and have 19 years left on mortgage, having difficulty paying full amount and have been on interest only for 2 years as could not sell....the bank now say got to pay full amount again, but i want to extend by another 5 years, even though i intend on putting it up back for sale when the market picks up....Is there anyway i can make this happen??...if not i will go into arrears and probably reposessed...
SimplyFinance Answers is a great place to start your research, but it is not a substitute for personalised, professional
advice. Please review our Terms of Use or Sign Up to ask a question or comment on an existing question. If you would
like to speak to an expert directly, use our Adviser Search to find an adviser in your area and contact them directly through SimplyFinance.
fletcher
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Hello Fletcher
you really need to speak directly, openly and honestly with your lender.
they are obliged under FSA rules to treat you fairly but their options will become more limited the more you fall into arrears.
your local CAB or the consumer credit counselling service might also be able to assist - they dont charge but do rely on donations to cover their running costs.
i cant emphasise enough that you need to take action soon. but you will be in a better position if you ring the lender with a full breakdown of your income and outgoings so that they can see that you have started to try and tackle the problem. otherwise they are likely to "put you on hold" whilst you work out the above and then call them back.
above all, keep records of names/dates/times of people you contact so that you have your own log of your efforts.
report abuse
you really need to speak directly, openly and honestly with your lender.
they are obliged under FSA rules to treat you fairly but their options will become more limited the more you fall into arrears.
your local CAB or the consumer credit counselling service might also be able to assist - they dont charge but do rely on donations to cover their running costs.
i cant emphasise enough that you need to take action soon. but you will be in a better position if you ring the lender with a full breakdown of your income and outgoings so that they can see that you have started to try and tackle the problem. otherwise they are likely to "put you on hold" whilst you work out the above and then call them back.
above all, keep records of names/dates/times of people you contact so that you have your own log of your efforts.