Mortgage Express – UKAR – end of term on buy to let mortgage

Hi Emma

It’s not good news I’m afraid, UKAR are notoriously ruthless in these situations.

It your Mum has any other asetts to protect then she must do all that she can to save them. UKAR will not simply walk away from any debt not covered by the sale proceeds of the property. Also, if they conduct the sale you are likely to be shocked at how cheaply the property will sell for. Your Mum will then be haunted by UKAR until she pay up or declares personal bankruptcy.

If your Mum has other savings, investments or equity into properties to protect her best course of action would be to instruct a free service, Citizens Advice approved debt management company such as Paylan ASAP – see >>> https://www.payplan.com/

She then needs to sell the property as quickly as she can before the matter is taken out of her hands by UKAR. Chances are they will sell it for far less. The debt management company will then negotiate on your Mum’s behalf toth UKAR to buy her time to raise more cash and hopefully to come to a settlement arrangement. Appointing a debt management company can also help staive off unwanted harrassement. They achieve this by obtaining an interim protection order via the Courts as part of their appointment.

I wish you well and please let me know how you get on.

All the best

Mark
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I thought these reverted to favourable bbr + 1.99% at the end of the term?

Reply to the comment left by “Richard Elderfield” at “13/05/2015 – 23:19“:

Not always, I have BBR plus 1.5% and BBR plus 1.75%.

Some residential mortgages reverted to SVR that don’t track BBR at all.
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Reply to the comment left by “Mark Alexander” at “13/05/2015 – 23:44“:

So is Emma saying the actual mortgage term is up, as opposed to the end of a fix, leaving limited options due to negative equity?

Reply to the comment left by “Richard Elderfield” at “14/05/2015 – 07:04“:

Hi Richard

That was how I read it.

For Emma’s Mum’s sake I hope the situation for her is just as you have said, i.e. fixed rate coming to an end. However, I doubt that very much given the amount of time it has been since MX stopped lending. It would have had to have been a very long fixed rate to only be expiring now.
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I was told that UKAR had 7 years to clear its books and then we all may be offered some sort reduced exit amount, surely that time is around now anyone got anymore info on this. I am in a similar position to this person, property seriously underwater and mortgage ending in 2 years.
Thanks Chris

Could she convert it to a repayment with them? Since it is such a good interest rate it may not be that expensive and may keep them off her back.