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Posted: Sat Dec 06, 2014 12:05 pm
by robbo201
I have a mortgage with Bradford & Bingley which should be repaid in 2 years, it is oninterest only, can they force a sale?
Posted: Sat Dec 06, 2014 1:05 pm
by Foggy
There is a possibility that they will re-finance the deal, depending upon your circumstances at the time. However, they would be within the terms of the current agreement to demand repayment of the principal amount, either by sale or repossession.
A word with Shaun and / or Ryan might shed some light on the possibilities.
Posted: Sat Dec 06, 2014 2:30 pm
by Michael Peoples
Your mortgage will now be likely part of the bad bank which controls NRAM and others so is effectively state [or taxpayer] owned. They may agree to extend the term but will want to know some way of repayment and a timescale. Some banks are discussing lifetime interest only mortgages so perhaps this will happen and you could qualify.