Some updates on my situation.
I have been working towards getting an informal arrangement with the bank.
Unfortunately, I cannot afford the restructure offered, as the interest rate being applied is too high and the term too short. There is now no further movement from the bank, so at this point it is most likely that they will quickly demand full repayment of the mortgage. I cannot pay this amount, so repossession proceedings will eventually be started. I know this can be delayed for some time, but it would be a difficult process, with only one eventual outcome, the house being sold.
A group of family members may now be in a position to make an offer to buy the house from the bank, at market value and rent it back to me for life. This would save a lot of embarrassment and heartache for me, and would give the bank a better return than costly repossession and forced sale.
Would the bank agree to such an offer, and how best should a proposal like this be put to them. Would it be prudent to use a Solicitor or Accountant, or are there specialized agencies who would handle this.
Again, any advice would be much appreciated.