Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By Jacko12345678
#314053 Hi

I have a mortgage with Santander for £118,000. The property value is £230,000.

However, due to work problems, I have £1800 arrears, which is just under 3 mths mortgage.

In Febuary my situation will chage dramaticly with my income increaseing by a large amount.

Will Samtander seek to re-posese the property at a certain point, and if so, how long would this take, and would I be able to stop the process by making a payment at a later date in Febuary.

Many thanks

Jack
User avatar
By TalbotWoods
#314153 Hi Jack

Normally a mortgage lender will start to commence action when you reach three months in arrears, and you have indicated that you have reached that stage.

You haven't mentioned if Santander have spoken, written, threatened, implied they are to moot legal action, so our answers will be somewhat generalist in type. Also was it a pure Santander mortgage or an inherited Alliance and Leicester one, again this can have an effect on how and when action is taken

OK Just for a moment lets look at this from the lenders point of view.

First thing to consider is that you are starting a new position in Feb that will sort your income out, however, is this 1000% Iron Clad, and how many other people have said this to try and fend off the lender. Sorry until you are in the new position, then they are not interested in what you say about this.

Secondly, you are now three months in arrear now, what will tb the arrears in a further 3 months, will it be six months, and that is not acceptable at all.

Thirdly, and most importantly, if they start the legal bits now, and can repossess soon rather than later, then they have £112K equity they can do you out off. Believe me they will add charges that would scare the poo out of an elephant and then sell you property by auction, your £112k will vanish very very fast!

OK what can you do.

You must make sure that you pay your mortgage at its current level , and offer to make additional monthly payments BEFORE they even think of court. OK Yes they are going to bellow, but if they are getting the money in, it could stop any legal action, and if they have to moot for legal, as yo are paying this, then the court case can only be for the short fall.

Now seeing as you have this mortgage debt, I am going to assume that you may have other debts building up as well, might I suggest that you talk to one of the organisations linked from in the red bit in my signature below, they can offer FREE and CONFIDENTIAL advice with no strings attached, and can offer much more detailed answers based on your answers, without my generalisations.

Tim
By Jacko12345678
#314213 Thank you for your reply. My new job is cast iron guarenteed to start second week of Feb. I will become a London black taxi driver with my licence issued then.

Therefore, as I said, it's just a matter of time until I have the amount to pay the arrears, proberley by late febuary.

I have an arrangement in place with Santander atm for £600pm until december. However, this will push the arrears to slightly over 3 months.

They are aware of my income change in febuary, which is why they agreed to £600pm, but it's January that im'm concerned about.