selling my flat mortgage question?
Friday, March 27th, 2009 at
11:33 am
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Tagged with: Money • Mortgage Company • Mortgage Question
Filed under: flat mortgage
You will end up with a bad credit report for failing on your repayments. The sale may fall through( hope it dosen`t) and then you will still owe the backlog without the capital from the sale.
I doubt it for two reasons:
1. There is no guarantee that you’ll sell the flat.
2. Even if you do sell, there’s no saying what price you’ll get (after legal fees etc.)
Not true at all unless its stated in a contract somewhere. You need to keep making your payments until contracts are signed and then if you are buying another property with a mortgage start paying the new one.
This could lead to credit problems otherwise.
No, you have to pay your mortgage until the exchange. Thats why some people have to take out very expensive bridging loans because they buy their new place and have difficulty selling the old one, and have 2 properties to pay for!
The only way to stop paying your mortgage is to apply to them for a payment holiday, if your account is up to date they may allow it, but no guarantees and their decision is final!
the mortgage company does not know they will get their money. How do they know if the flat will sell?
of course you have to pay your mortgage otherwise everyone would just put their property on the market and not accept any offers on it just so they didnt have to pay their mortgages.