Mortgage

[Denisdiamond]

I have a flat which is valued around �130,000 and an interest only mortgage owing approx. �50,000. I was made redundant about a year ago and have another job which is badly paid, with the result that I am having great difficulty keeping up with payments. What could be the legal and financial implications if I cannot pay my motrgage.

[boro1986]

You will lose your house. Remember the small print " Your home it at risk if you dont keep up repayments"

[Denisdiamond]

With that possibility in mind,boro, how would I end up financially

[boro1986]

Basically they will repossess your house give you say a week to get your belongings out and sell the house at auction. Financially i dont understand you will be homeless the mortgage company will not give you anything so what ever you have i yours

[Ethel]

If you really cannot afford the mortgage - sell the flat for �130,000, and pay off the mortgage.

You can then rent privately until you are in a better position.

You should be left with around �60 -70k after all the expenses.

[Denisdiamond]

Thanks caz, and everyone else. Good advice. I,ll keep you posted.