BOSI/pepper options

D

Ddlite

Registered User
Messages
8
Hi

I have a tracker with above bank. I’m paying interest only and not in arrears.
The original 10 yr term has ended and I got a letter calling in the mortgage.
The house is not in negative equity.
I have recently retired and liquidated my company and have no means apart from pension..

What’s the best way to deal with this please?

If you need any more info pls ask
Thanks
Ddlite
 
Hi, House is principal private residence where I live with my wife aged 79 and I’m 75
Many thanks
Ddlite
 
Hello,

What was your original plan for repaying the loan after the 10 year term had ended, and why has this changed?

Also, what are you now hoping to achieve?
 
Hi
Original plan 10 yrs interest only that term in now up (ended in 2016!)
Never missed payment & not in arrears
If I use a PIP can I stay in home and get a write down to something affordable ?
Hoping to stay in house and do a deal for a write down or make repayments suitable to a pension couple ??
Thanks for your thoughts...
 
Hi DDlite,

What’s the value of the property, how big is the loan, and what interest rate were you paying?

Gordon
 
Ddlite said:
Hi
Original plan 10 yrs interest only that term in now up (ended in 2016!)
Never missed payment & not in arrears
If I use a PIP can I stay in home and get a write down to something affordable ?
Hoping to stay in house and do a deal for a write down or make repayments suitable to a pension couple ??
Thanks for your thoughts...
Click to expand...

Okay, I can fully appreciate the aspiration to get a discount, we'd all love that.

What about my other question - what was your original plan for repaying the loan after the ten year term was up, and why has that now changed ?

You may need to look at the option of downsizing to repay the debt, if there is notable equity in your property. Gordon's questions in the post above will clarify the equity position.

My feeling is that the counter-party is looking to exit the relationship, not negotiate a new arrangement. Depending on the level of equity in your property, this may offer the potential to negotiate a settlement figure that is lower than the amount owed (with you selling your home to pay the figure agreed, and using the remainder of the sale proceeds to acquire a suitable new home). That will depend on your overall financial position though, not just the level of equity in your home.
 
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