Hi all,

I have around 40 mortgages with MX and around 200 properties in total. I bought the MX properties over the last 20 years and they are getting closer to expiration of the term.

I have remortgaged all of the properties at some point and most of them are now in negative equity. If I tried to sell them to pay the mortgages off I would also be penalised for Capital Gains tax and MX would receive around £3.5m.

I have suggested I pay the mortgages plus a lot extra every month to reduce the balance but I will still struggle to pay them off in the time frame given.

They have 3 options:
1 - Take posession, sell and lose lots of money
2 - Take possession and place with an agent who will take fees etc and pay MX the remainder of the income
3 - Leave the properties with me and allow me to run the business, paying them lots extra off the mortgages using all my properties.

I cnnot remortgage with another lender because my credit rating was severely damaged in the downturn.

Will they really take possession looking at the options?
What else can I do?