A Pangbourne man whose mortgage debt had “ballooned” until it was larger than the original amount he borrowed has 56 days to leave his family home.
Peter Cunningham, of nearby Whitchurch-on-Thames, was taken to Reading County Court by Bank of Scotland over the £603,310.53 he owed.
Mr Cunningham had borrowed £468,762 on January 3 2003 on a 14-year repayment term, the court heard.
But the OAP’s arrears had accused over the years until - at a hearing on Monday - a judge was told his balance was nearly 50 per cent more than the original advance.
Mr Cunningham appeared in court with his sister, Sarah Mortimer, of Surrey, who explained that the family home had been purchased in 1959 and her brother had lived there ever since their father died in 1997.
Mrs Mortimer explained that the house had become “full of rubbish” and the family had been visiting Mr Cunningham to try and assist him in clearing it.
“Then we found out about the mortgage which we did not know anything about”, she explained.
Her brother had been “struggling with everyday life” and the family had decided to sell the property - which features river frontage and moorings - which they said had been valued at £750,000.
Mrs Mortimer added that due to her brother’s “mental state”, she was in the process of getting lasting power of attorney. The family intended to buy Mr Cunningham a flat in Leatherhead.
It was not known why Bank of Scotland had not sought possession for seven years after the mortgage term expired, but the court heard from a lawyer representing the lender that it may have been due to Covid or simply “showing forbearance”.
The bank sought possession within 56 days and a money judgement for the amount owed, which it would seek to recover by selling the property.
Deputy District Judge Colin Passmore, granting the bank a possession order, said the “balance has ballooned beyond the original term”.
“The difficulty I have got is the amount of balance compared to the advance is nearly 50 per cent more than was lent”, the judge said.
“I have no evidence as to what has gone on in the background but Mr Cunningham will have known about it since 2003.
“There comes a point where I cannot allow the lender to be out of their money for any longer than is necessary.”
But the judge said he was concerned for Mr Cunningham’s state and so ordered that the judgement could not be enforced without permission of the court.
- Have you been struggling with your mortgage repayments or been in a similar situation to the gentleman above? Share your story in confidence news@readingchronicle.co.uk
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel