"There was a lot of other stressful issues going on in my life at the time of the bankruptcy and I have to say without Stuart’s advice and help I don’t think I would have gotten through it as well as I have. I cannot thank Oakdale enough. I would recommend them very highly."

BUSINESS INDIVIDUALS

Mortgage Problems and Arrears: Help and Advice

Buying property with a mortgage, particularly investment properties, can create massive problems for borrowers should things go wrong. Over the years we have come across hundreds of people who have run into difficulty with mortgage lenders, for various reasons.

Some have lost their jobs, or their business has failed, leaving them not in a position to pay. Clients have had interest-only mortgages that have expired, and there hasn’t been suitable means to repay the loan. We have had many clients who have had single or multiple buy-to-let properties repossessed, leaving shortfalls owing to the lenders, sometimes running into millions of pounds.

Some commercial mortgage lenders will periodically review the loan to value (LTV). If the LTV has increased since the original loan was granted, they can demand the property is sold pretty much immediately and their money is repaid.

Another common factor is when borrowers fixed rates have come to an end, or the Bank of England base rate or LIBOR has increased meaning borrowers have not been able to afford the standard variable rate payment.

There are too many reasons to list really and there are new reasons why we expect to see more people struggling to pay their mortgage or mortgages in the coming months and years ahead.

Whatever the reason people may be experiencing mortgage problems, we have the relevant expertise and available solutions to help. Although often, in such circumstances, the level of debt may seem substantial, the amount that gets repaid or written off is dependent on what other assets the borrower has. As such, the amount we often get written off is substantial in % terms.