sell your house, or file a bankruptcy and move to an apartment that you can afford to payWhat options do i have if i cant meet mortgage repayments?
if you sell it depending on when you bought it you could owe more than you borrowed and more than you could reatistically get for it. if you have a standard 25 year mortgage you should speak to your lender and they may extend the term to 30 or more years to reduce the payment. this will depend on your age. as to re housing you would have to look for rented accomodation as unless the house is reposessed and you are made homeless the local authority is not abilged to help even then they give priority to families. consider taking in a lodger.
approach your mortgage lender first to explain your problem. Even if it can't be resolved, you are less likely to gain a poor credit history by trying to resolve it with them first.
If you can find somewhere else to live, rent your property out so that someone else who can afford it pays your mortgage and you won't lose the property. If you don't want to do that, sell the property and rent a place until you get yourself back on track. If you don't want to do that, take in lodgers, rent rooms out, so that the cost is spread between you and someone else. You could speak to your lended to see if you can extend the time of your mortgage or you could take on another job to help out with the finances. Be careful if you are thinking of bankruptcy, you could have the house taken away from you. Good luck with whatever you do. Don't put too much store in owning your own property. If you can't afford it now, switch to plan B and do it some other time. The stress of worrying about it isn't worth it..............
Your house is too expensive for your income. Ideal is a mortgage that's 25% (or less) of your monthly salary.
remorgage thwe house?
get a cardboard box mate
Firstly, you need to speak to a mortgage consultant - who will also have a licence for debt counselling. You need to look at your present mortgage arrangements, how much equity in your property, whether to sell or re-budget with a new lower rate mortgage etc, don't panic. There are many lenders that will take you on with arrears etc and put you back on the right path. Need any help please feel free to e-mail me, you can visit my site at www.marshallfinancial.co.uk. Good Luck PS private renting is just as expensive as buying and its money down the drain.
talk to the bank and agree a lower repayment or payment holiday whilst you down size or get a lodger in, you must talk to the bank rather than thinking it will sort it self out.
good luck.
Sell if you have any equity if not depending on what you have in debts go bankrupt its the in thing now but its not worth it if your debts are less than 20k you wont get credit but you will have a clean sheet in a couple of years.
switch your morgage to someone with lower rates maybe, or you could take a payment break if you can until you save up some money to ge tyou back on your feet. Either that or sell up and downsize....
We went through a voluntary repossession about 7 years ago. We rang the mortgage people told them what we were doing, we went to the council who said they couldn't help because we were making ourselves homeless, private landlords would not help, so we went to a local housing association who gave us a house straight away. The mortgage company re-sold the house and said they would contact us for any short fall, but they never did and we didn't chase them. Bankruptcy isn't quite as scarey as it was, its something I would definately consider.
Speak to the consumer credit counselling people or payplan
Why not just sell up and rent private?
If you cant afford the rent you can apply for housing benefit then.
Have a look at
www.leavetheratracebehind.com
and see what you think
regards
Ray
speak to the banks asap so that you don't lose the house, could consider moving to interest only mortgage as this may be cheaper until you are back on your feet. You must remember thought that this will not reduce your outstanding mortgage amount,
I suggest you contact your local citizens advice bureau. Their services are free and they have a wealth of experience in dealing with people experiencing financial difficulty.
Whatever you do, don't pay anyone to help you sort this out!!!
All the best
You need advice tailored to your personal needs. Visit Citizens Advice and ask to see a specialist
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