Is there any precedent, Building Societies accepting a part offer on balance

[Deadwood]

Like many others

 

I've reached the end of my interest only mortgage term to find I'm in bad shape financially.

 

I have a relatively small outstanding balance, about 8% of the property value that the Halifax won't remortgage.

 

I have some savaings to offer as a part payment, do they accept offers?

 

how much should I offer if they do and is it best to use a solicitor?

 

Thanks

[Lea_HTH]

They almost certainly won't accept it, not when they can take possession proceedings and get the whole lot (they'll win as the term is at an end and the court will have no power to suspend any possession order).

 

Don't waste money on a solicitor, you can make any offer to them directly. You never know, you may be lucky and they'll accept it. You may be better off offering them a fixed sum per month over the next two years in the hope that you can either raise the remaining money in some way to discharge the debt, or sell the property. Most mortgagees will accept payments up to two years after the term has ended, but the choice is entirely theirs and you cannot force them to do so.

[jen123]

hi im also in the same position have you had any luck with the halifax accepting repayments or are they going for possesion

[Deadwood]

Halifax are being complete t**ts, have ignored my letter, not an offer but asking for an explanation of their unwarranted demands, they just sent an even more strident demand. We've had 40 years of dealing with the Halifax. missed out on the privatisation shares by a few pounds, they did in fact steal the remaining balance of our account, about £70 prior to their demutualisation. The Halifax shareholders and board made a fortune, bled the bank dry and mismanaged the new bank and we've been the mugs that have paid for it.

[BornThisWay]

Deadwood, have you tried remortgaging with another provider?

[Deadwood]

It's impossible