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Santander to Repossess My Property Next Year

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  • Santander to Repossess My Property Next Year

    I'll try to make this simple. I have had an interest-only mortgage for about 15 years. Currently, I am with Santander. They told me earlier this year that if I could not pay off the remaining amount of my mortgage, they would repossess my property next October. So to avoid this happening. Could I just simply ditch Santander and change to another bank / building society? Thanks in advance.

  • #2

    I'm really sorry to hear this and it's a situation a lot of people are finding themselves in after the miss selling of interest only mortgages before the financial crash.

    From my experience of working as a mortgage adviser for banks, they very rarely repossess if you have no other means to repay but I appreciate this isn't a risk you're likely to want to take.

    You can by all means remortgage to another provider, however, you would need to meet their current lending criteria which for interest only mortgages can be difficult these days.

    One available option for you could be a retirement interest only mortgage. This is a mortgage with an indefinite term and will be paid off upon your death or entering into care. You would still need to meet the lender's criteria.

    Either way, I would recommend professional advice from either a mortgage adviser or equity release specialist.

    Good Luck !!