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Are they allowed to take my property?

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  • Are they allowed to take my property?


    I have a mortgage with the bank of ireland, formally bristol and west. I am now recently and hopefully temporarily unemployed.

    I am in a fixed term deal and still have a further 2 years to go.

    I do not know how I will cover my mortgage. I was thinking about moving in with parents and renting out my flat. However the rent would leave me with a £60 shortfall.

    If i explain the situation to my mortgage company do you think they can or be obliged to help me? Or are they allowed to take my property now I have admitted I can no longer afford it?

    Also, Would I be reassesed, as I fear I may fail a credit and affordability check.

    Thank you in advance for any advice. I am very worried

  • #2
    Re: Are they allowed to take my property?

    You really need to discuss this with your lender at the earliest opportunity to forewarn them that you might have difficulties in meeting your payments for a while and formulate a plan.

    The most important thing in this situation is open, honest and clear dialogue between you and the lender. If you try to avoid discussing with them it's likely to make the situation worse.

    They aren't obliged to help you, but they almost certainly will be willing to wherever possible as the Government has asked lenders to be sympathetic towards borrowers with payment difficulties during the recession and ultimately the lender will prefer you to keep the mortgage running than dealing with repossession proceedings.

    They can't repossess the property and evict you just because you are now out of work now, the process is significantly more complicated and long-winded than that and generally they would need to prove to the courts that they have exhausted every other avenue before repossession can go ahead.

    There shouldn't be any need for a credit check to be conducted but they may go through an affordability assessment to work out a plan of action for you until you get back on your feet.
    Property for sale in Torquay



    • #3
      Re: Are they allowed to take my property?

      Thank you so much for your help. I guess i now have to call them with all my figures ready for them to figure something out. Good to know they cant take my home. Thanks again