debt and mortgage

derekw_2

hi new here!!! here goes i have a large mortgage and alot of debt!

i am with northern rock but they will not give me a new fixed rate and i cant go to another lender! so i tought well i might sell my house and trade down! but guess i cant get a mortgage so what are you meant to do? when all the advice you get suggests selling up and getting a smaller house?

is this not a problem that goverment should be looking at for all the people that are in danger of loosing thier houses? and lenders not doing anything to help but just putting you on the varible rate and making huge amounts of money from vulnrible pepoles positions?

pm2326

did you have all of the debt before you took out the mortgage?

getmore4less

Sell and rent

Clear your debt and you will be able to get a mortgage if you can afford one.

Pobby

I certainly don`t remember Thatch and her cronies doing much to save home buyers back in the early 90`s as they piled on the interest rates.

Gorgeous_George

It is not the Government's fault. You are responsible for the position that you are in.

Now that is out of the way, it is difficult to make suggestions without more information. Is the house worth more than the mortgage? If not, selling may not be an option. If it is, then sell, use any equity/profit to clear the highest interest debts (post on the debt free wannabe (DFW) forum for best advice).

If you cannot sell or simply prefer not to, you may need to increase your income. A second job, promotion at work, take in a lodger, sell your body - anything to increase income.

As I said, a few more numbers would help people to make constructive suggestions for your way ahead.

I think lenders should, could and will do more to help people stay in their homes. As the rate of repossession rises they will see that it is in their best interests to keep people in their homes. I guess they need to feel the pain first.

GG