10:12 AM, 15th July 2016, About 6 years ago 25
My husband, who passed away in December, had 3 buy to let properties with mortgages on his name. Two interest only with Mortgage Express (ME) and a repayment one with The Mortgage Works (TMW). All properties are tenanted and there haven’t been any arrears on any of them.
In April both mortgage companies informed me that I must repay the mortgages within 1 year from my husband’s death.
I myself not in the position to re-mortgage them because I was a housewife without income.
One of those properties (ME) has been on the market since July 2015, second one I put on sale with the real estate agency in April.
I want try to keep the property, which has re-payment mortgage TMW, for myself as a future PRP so it is not on the market at the moment.
One of the flats, which is on sale, is under offer now and assuming the sale goes through I will be able to redeem one of the mortgages with ME and fully redeem the TMW mortgage with the surplus from the sale and my savings.
My main concern is if I cannot sell both or one of ME properties by December, but keep all the mortgage payments; can ME repossess the properties without giving me more time to sell them? Another concern is that ME will demand the surplus from the sale to cover the second mortgage, repossess the flat anyway and sell for penny just to recover their mortgage.
I can borrow some money from my friends and redeem repayment mortgage with ME now and after that
I will own it outright. Can ME repossess my fully paid home or force me to sell it?
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