The expired mortgage has become a regular feature of the property market post credit crunch. Whilst we might be officially out of the woods in regards to recession, that hasn’t stopped a tightening of credit controls affecting the finance market. With the expired mortgage a recurring problem, more property owners are struggling as their mortgages come to end of term. This essentially means the time frame the lender has given you to repay the debt is coming to expiration date.
Once this date has been reached, the lender gains greater powers over the property, should the debt not be repaid in full by such day. The lender may move to repossess the property through the courts.
One root of the expired mortgage issues is the interest only mortgage model. Many property owners mistakenly believes this mortgage cannot come to an end as they are only paying the interest on the loan. Another forthcoming issue is the collapse of many of the financial institutions who originally supplied the loan to purchase the property. Should you have missed a mortgage payment over the years, you may also find yourself at a loss for a lender willing to supply finance. Tighter regulation post credit crunchh also make it a more difficult market for the older borrower to access finance.
Expired Mortgage Solutions
If you are a property owners reaching an expired mortgage, the obvious solution will be to enquire with the lender for an extension. Should you be turned down for any of the many reasons stated above, you may have hit a brick wall. Immediate Bank Claims can assist you with your options moving forward. A quick call to us with bring clarity to the situation & can help form a strategy for moving forwards. Immediate Bank Claims can assess the situation as well as structuring a relevant solution.
If you are about to reach an expired mortgage, please contact us now. Should the situation escalate & the lender move to repossess the property, you will encounter further difficulty & fees.
This is Money discusses an individual case of an expired mortgage: