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This is known as a sale at shortfall. If you wish to sell your property, regardless of whether there are any mortgage arrears, and the sale price won’t be enough to pay back your mortgage balance you will need to go through our sale at shortfall process.
Important information about selling at a shortfall:
- We’ll obtain an independent valuation to make sure that the sale price is the true market value of the property.
- You’ll remain responsible for paying back any shortfall amount (there are certain exceptions to this if you’ve been declared insolvent, you should check with your trustee or the Official Receiver).
- We’ll report the shortfall amount to credit reference agencies and this may affect your ability to borrow money in future.