Negotation with bank

L

lopin

Registered User
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Hi All

Currently negotiation with UB to extend interest only on buy to let properties. What I want to know is, if Im not successful in reaching a reasonable deal with UB, what are the next steps the bank to take. I never missed out on any payments on previous agreements and all my payments are up to date. The outstanding amount owed on properties is about 80% of the properties value. If the bank was to repossess how long would it take or how long would it take for bank to appoint a reciever. Also are there companies that can negotiate a deal for me

Many thanks
 
It's very easy for a bank to appoint a Receiver. However, they are unlikely to do it if you are still engaging with them. They are likely to ask you to sell them before appointing a Receiver.

Have you trackers or non-tracker mortgages?

If you have a few properties, maybe you should sell some properties and reduce your exposure to property and interest rates.

In particular, if some of the mortgages are not on trackers you should sell them and use the proceeds to keep the trackers up to date for as long as possible.

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Brendan
 
Thanks Brendan,

All my properties are on trackers, if I sell some of the properties they wont meet the shortfall so I will end up owing the bank the shortfall.
 
as you are with UB, read the original documentation carefully. You might not have it, but your solicitor will. If he/she doesn't, then sent in a FOI request to UB for the documents. From reading other posts here, UB may have given you interest only for the entire period of the mortgage! If so, you might be able to continue the deal.
 
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