What should I do???

greenspun.com : LUSENET : Repossession : One Thread

My husband and I purchased a property in Scotland in December 1999 and have a mortgage of #82000. We intended to move into the property in January this year but what with one thing and another we couldn't. The mortgage is discounted on the condition that we are owner occupiers - which we are not. My husband in in the Army and I am employed by the Ministry of Defence and due to service commitments or whatever it is the Armed Forces call it and many, many family problems we are unable to move to our house.

We have had the property on the market for the past two months for either rental or sale but have had no interest. The buildings insurance is invalid because the property is unfurnished and the mortgage company now want to increase our mortgage considerably because we are not living in the property. If they increase the mortgage we can't make the payments and the arrears will begin to build up.

What I would like to know is: a. As we have had the property for such a short period do we hang on in there with the property on the market and hope something will turn up? b. Do we hand them back the keys now to lessen the amount we will owe them? c. Do we only start asking questions when the repossession letters arrive, which they inevitably will if the interest rate is increased by the 2%+ they are talking about?

I realise this seems very hypothetical and trivial to everyone else's questions but I am worrying like mad already.

Any advice would be appreciated so much

-- Mrs Janet Cooper (josie@wimbish1.freeserve.co.uk), April 04, 2000

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