The bank has just written to my mother informing her that he interest only Mortgage has expired (May 1st!) and the capital is now due!
She has no vehicle in place to pay this off and she is retired so almost certainly won't be able to extend the term (she gets £90 a week and the mortgage is £300+ per month as its about 80k).
I know this is a bad situation and she should have seen it coming but I would appreciate any advice on what limited options she has with the bank, and how much time she will have to sell the property and downsize (which she is ok with). She is with Halifax which I have heard may show leniency but I doubt it.
We really want to avoid a bank repossession but in the current market the property could of course take many months to sell.
Any help would of course be much appreciated
She has no vehicle in place to pay this off and she is retired so almost certainly won't be able to extend the term (she gets £90 a week and the mortgage is £300+ per month as its about 80k).
I know this is a bad situation and she should have seen it coming but I would appreciate any advice on what limited options she has with the bank, and how much time she will have to sell the property and downsize (which she is ok with). She is with Halifax which I have heard may show leniency but I doubt it.
We really want to avoid a bank repossession but in the current market the property could of course take many months to sell.
Any help would of course be much appreciated