Can Anbody help!

aliciaoggy

We were silly enough to take out a 100% mortgage with northern rock 4 years ago. We are now on 7.49% svr; our mortgage payments have gone up over £200 per month. We are just about managing to pay this at the moment due to hubby working all the hours god sends. We have been contacted by northern rock a few times offering us the number to a mortgage advisor. We are'nt in negative equity yet but with the way things are at the moment it may not be too long, but I dont think we have enough to change mortgages. Our mortgage is £105,000 and i think our house may be worth £110,000. Can any body offer any advise as to what we could do I dont want to lose my house but fear this may happen eventually.

hot_saver

I am in the same situation. I actually took out a together mortgage - so borrowed 160k as mortgage and 28.5k as unsecured loan with NR. my fixed term ends May and I cant remortgage anywhere else as I dont earn enough to borrow 188k total & I havent got min 10% deposit to move. Is there anyone lending on less than 10% deposit??? (house is worth aprox 190k if Im lucky)
Also - you may be eligible for the government homestart / home choice scheme - equity share........ I dont know all the details....anyone got any advise for us both please?????

Tom_Kelly

You will only lose your house if you don't make any payments. If you can keep up the repayments then you won't have any problems. Time will fly by and things will look very different in a couple of years. You may be able to arrange your repayments to extend the term or go onto interest only for a couple of years. As long as you are making some kind of reasonable payment your house will remain yours for as long as you want it.

Repossesion is an absolute last resort for a lender. If you reduce payments with the lenders consent then then shouldn't record it as arrears to a credit report agency. Always speak to your lender first to find a solution if you are having difficulties.

aliciaoggy

Thanks Tom we are keeping up payments so far but I just want to be ready for the worst I had'nt thought about interest only. I think I'm also worrying about being in negative equity as the market is so slow at mo and I don't expect it to get much better for a long time.

manikm

Tom_Kelly wrote: »

You will only lose your house if you don't make any payments. If you can keep up the repayments then you won't have any problems. Time will fly by and things will look very different in a couple of years. You may be able to arrange your repayments to extend the term or go onto interest only for a couple of years. As long as you are making some kind of reasonable payment your house will remain yours for as long as you want it.

Repossesion is an absolute last resort for a lender. If you reduce payments with the lenders consent then then shouldn't record it as arrears to a credit report agency. Always speak to your lender first to find a solution if you are having difficulties.

its nice to read some positive advice on here for a change - theres so many people on here laying into people that have fallen foul of this recent implosion of the banking system, its not their fault they took advantage of what the banks "were" willing to lend - who was to know the ship would really hit fan.