My dads house has recently been repossessed. We live in the UK. The mortgage oweing is 70K and house is worth £105k. Can anyone tell me when the lender takes it will it be sold at auction or on the open market?

Thanks
Thanks for all the answers so far. Its a horrible situation my dad has been in the house for 30 years. My mom finally forced a remortgage 6 years after they seperated to get her cut when the mortgage was nearly paid. He got injured and on top of mortgage rates going up I think he gave up the fight. The country is in chaos and I wish all the best to anyone in this situation

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Either - but as the lender is legally obliged to get you the best price for your house, if you feel the property has been sold at an unreasonably low price at auction you can intervine through the courts at anytime and the lender may be forced to pay you compensation.

Going to auction is the quicker option and the lender just wants what he is owed (and what your father is owed) back as quickly as possible.

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I think they ask for offers
Ive seen them in the paper saying 'we have received an offer of ££££££ for such and such house' and it asks for any other offers
they always sell them at a cheap price and then the lender takes his money, plus the money for the property they were covered for under insurance plus they expect the 'owner' to pay arrears and costs
its a real con and i feel very sorry for your dad

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It depends on the lender - some send repossessions to auction, others will market through an estate agent.

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As far as I know it goes to Auction, sorry about your dads house!!!!!!!!!!

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