Can anyone advise what will happen

Me_Myself_2

Have you approached your own lender? They may be prepared to give you a new (lower) mortgage on a new house. So if you move to a cheaper house, you can pay off your debt and still stay on the property ladder.

Bestthingsinlifearefree

Hi 2manybills,

So if you sold your house you could clear all debts and have 70K or so left over.

For the mortgage you are paying you could probably rent a similar quality property in the same area for less money and with your 70K in the bank in ISA's you would be earning acouple of thousand in interest and have no debt stress.

So you do have a definite solution to your situation.

However I understand your reluctance in getting of the ladder, in regard to getting a mortgage at a future date with your 70K deposit + the availability of self cert morgages etc etc I don't think you will have a problem getting a mortgage even with a CCJ.

House prices if anything are at their peak (and most people agree that prices won't go up much more and may even come down).

ie you could sell your property for 175K prices dip and you buy it back for 150)k in two years time (obviously there are no gurantees of this scenario).

But what I am saying if there ever was a good time to get off the ladder it is now and renting is not the end of the world.

The alternative is rent the spare room out, get a second job etc and fight to keep the property.

The good news is either way you have positive options.

Good Luck.

I wish you well.

fatbelly

Hi

Just a bit concerned that you have a ccj but don't seem to be making any payment towards it. Or am I missing something?

2_many_bills

Hi Fatbelly

The ccj is now payed but was issued december last year. If i am right then even if i have payed it still stayes on my record for 5 years ?

Entrepreneur_en_faillite

It actually stays on your record for 6 years!