Daisy183
I am 62 and live in a 3 bed semi detached house in London with dh who is 72. The mortgage term has now ended with £280,000 still owed. Dh is refusing to sell the property despite there being equity of over £500,000 in the property.
He claims that as long as we keep paying the interest on the mortgage, the house cannot be repossessed. I am doubtful about this and we are starting to receive letters from the mortgage company. We cannot afford to change to a repayment mortgage (I work part-time and dh is retired). I am worried that the house will be repossessed.
Yes, it is highly likely this is the same person who is in arrears. The situation described is a direct consequence of the mortgage term ending with a large balance still owed. When the capital is not repaid, the account goes into default, and the monthly payments are no longer covering the debt. This is what puts them in arrears and triggers the letters from the mortgage company, leading to the very real fear of repossession. It's a very sad and stressful situation.
