Reading man spared eviction after falling £10,000 behind on mortgage

Dil Pazir, who had owned the property since 2004, said he and his wife had just eight years left remaining on the mortgage on their £325,000 house before it was paid off.

But the father-of-three had fallen into arrears in 2019 and lender Platform Funding had obtained a possession order, which was suspended after Mr Pazir paid back some of what he owed.

By August last year, Mr Pazir had been just £470 behind, but in the last several months he had fallen back into arrears, which stood at £10,122.21 on Thursday, Reading County Court heard.

Asim Munir, representing Pazir, said: “There are lots of different reasons. An increased interest rate on the mortgage, increased utility bills, the defendant’s taxi work has seen a reduction in income.”

The solicitor said Mr Pazir was offering to pay an extra £150 a month on top of his current monthly mortgage payments.

“His household income has increased through his son finding employment”, Mr Munir said. “He also owns a shop on Oxford Road and receives rental income of £1,000 a month.”

But the lender rejected Mr Pazir’s offer, arguing he still owed £237,011.81 on his mortgage and his £1514.29 monthly payments were “too expensive” for him to meet.

District Judge Sophie Harrison granted Mr Pazir’s application to suspend the warrant of eviction on Thursday.

“I can understand the bank’s position that there has been a lot of arrears accrued over a short period of time”, the judge said. “Cost of living pressures are reasons, Mr Pazir says, for that.

“It seems to me on balance I can make a finding today there is a reasonable prospect that, with the son’s funding and perhaps family support as well, Mr Pazir will be able to keep the show on the road and pay the arrears in a reasonable time.”

The judge ruled Mr Pazir shall pay £120 a month for the arrears on top of his contractual mortgage rate.