G
goober
Guest
My wife and I purchased a house 4 years ago which has a small shop attached to it. Our broker could only secure a business mortgage at the time due to the commercial aspect of the property. I am in full time employment and my wife runs her small business from the shop. About a year and a half ago I was unemployed for several months as as I pay the mortgage, was unable to make the full payments for a few months. Although we communicated with the banks they began the procedure to reposess the home. My wife's business has been struggling in this climate and so she was unable to help financially. Fortunately I have been in full time employment for the past 12 months, have managed to make the monthly mortgage payments as well as pay a little extra to chip away at the arrears (£150, as agreed). The bank are now putting pressure on us to clear the arrears (£6000). I can't increase the additional payments any further, I can't get a loan because no lender will touch us due to the arrears. I have asked to bank to consider capitalising the arrears but they have refused. They said they even if they were to consider they would want to see business books to see if the business is profitable, which is probably isn't. My wife and I have worked hard to maintain steady payments for the past year AND make additional payments to the sum agreed as we want to keep our house. All the bank seem to be saying is how considerate they have been - time to pay up. Can anybody advise me?