Advice wanted re our interest only mortgage

Candy_girl_2

Hi everyone. Could I desperately ask for some advice please? We have an interest only mortgate for £180,000. Unfortunately, the house weve bought is sooo bad and is a money pit. Everything that could be wrong, is wrong. We have approached our mortgage lender via our financial advisor and they are only willing to lend us £20,000 but this doesnt cover the work that needs doing. Do we just not bother doing any work at all or should we look at alternative borrowing - and if so what would you suggest? The house and its problems have made me poorly and weve only been in a year!

marcyj_2

Sorry for being negative (or if this sounds like a rant) but why did you take the plunge and take on a mortgage for a property which sounds like you cannot afford? You are only paying the interest on the mortgage and it sounds like it is a project which needs capital behind it to progress. Did the building survey highlight this or did you decide to take the plunge anyway no matter what? I personally would have accepted my limitations and bought a lower priced property in perhaps a less glamorous location that was structurally sound or waited until I could afford to buy at this level.

I really am interested learn a little about you and your situation so please reply and if I have offended you then I am sorry. I'm just being realistic.