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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7590
Experience:  BA (Hons), PgDip, Practising Solicitor
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hi my morgage time has expired and i am now waiting to see

Resolved Question:

hi my morgage time has expired and i am now waiting to see if they will extend my term another 12 years . i am a widow and 63 my next birthday . NRAM(northern rock) said they will let me know if the term can be extended and said because of my age they may refuse , they also said my payments would go from £90 a month to £250. i am on state pension and have no savings . i am worried incase i loose my home and NRAM said if they dont extend my morgage they will want the money i owe them which is £21. 000 i know my house is worth at least min £95.ooo please can you help or advise me what to do
thank you Mrs M EL-Hakim
Submitted: 5 years ago.
Category: UK Property Law
Expert:  Thomas replied 5 years ago.
Hi,

Thanks for your question.

If you still have monies outstanding as a result of a repayment vehicle not realising sufficient capital to repay the monies owed to the lender at the end of the mortgage term and you cannot remortgage then it is possible the lender will take enforcement action for an order for sale to realise the equity. You would be at liberty to defend the claim obviously.

if they refuse the extension of your mortgage then you should shop around other lenders to see if any are willing to offer you an alternative mortgage to Northern Rock. If you cannot secure a mortgage offer then you will have to negotiate with NR to avoid litigation but if this is not possible considering either litigating or selling the property and downsizing. If you litigate there is a possibility you may have to pay their costs.
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Kind regards,


Tom
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