Help Please

jacqui_t

I havent paid my mortgage for 5 months,I was made redundant in August, I want to buy a second house in the new year to re-furbish to sell, and start property developing. How can I sort out my finances and work towards this plan.My mortagage is for 141,000.00 on a house worth 380,000.00. :xmassign:

ms_london

jacqui_t wrote:

I havent paid my mortgage for 5 months,I was made redundant in August, I want to buy a second house in the new year to re-furbish to sell, and start property developing. How can I sort out my finances and work towards this plan.My mortagage is for 141,000.00 on a house worth 380,000.00. :xmassign:

Perhaps you should worry about paying your existing mortgage first before worrying about financing another property in the new year.!!

Is it just your mortgage that hasnt been paid? Or do you have other debts? Are you still redundant?

What other outgoings do you have? How are you managing at the moment?

xx

jacqui_t

I am a thousand pounds over my overdraft but don't have any other debts, I am getting 93.62 income support as a widowed mother, I could self certify as self employed on a property management business that I was running and ran for 6yrs until march 2005. I want to buy the second house as my new job.

Entrepreneur_en_faillite

I have to say jacqui_t that ms_london is talking sense here, if you can't pay your existing mortgage, how the hell are you going to pay a second one?

Additionally, if you did get another mortgage (which I am sure you could) the interest rate would be through the roof because of your arrears, you would also have to put down a huge deposit, which you would (I guess) have to raiise from the equity in your house.

No No No No No

Don't even think of doing it, it sounds like a recipe for a rapid repossession

Btw, what does your existing lender say about your arrears?

jacqui_t

I would pay the mortgage repayments with the mortgage live frugally and build up my income house by house.

ms_london

jacqui_t wrote:

I am a thousand pounds over my overdraft but don't have any other debts, I am getting 93.62 income support as a widowed mother, I could self certify as self employed on a property management business that I was running and ran for 6yrs until march 2005. I want to buy the second house as my new job.

You're mad!!!! Surely you have to pay arrears on property No 1???

If you self certify as self employed, would your income support stop? How would you manage whilst you were renovating house No 2???

jacqui_t

I am mad well a little glazed that's how I'm in this situation, but I am bright and able just got to get over this hurdle and back in. My income support would not stop. XX

jacqui_t

I have got an offer of a 10,000 loan but the re-payments are 140.00 a month and my present mortgage is 607.00 pm , I dont know wether to take it get my repayments on track and then re mortgage to clear that and buy developement house ????

jacqui_t

I really am appreciating your help. I have reached a point of indecision.

skintchick

I think you should forget about buying another property until you are more sorted, especially if oyu are a bit anxious and indecisive at the moment - it's not a good time to make a major decision.

Do oyu have anyone you can talk to?

dinkylou

Surely you are taking too big a risk here?

It will cost you money up front to do up any new house and you dont have money to pay your existing mortgage let alone pay for new mortgage or new improvements.

I can see your thinking about taking out loans and then recouping the money from the sale of house 2 but surely it would be better to get a steady job in the mean time, get your mortgage payments on track and then consider buying house 2?

You are risking too much in thinking about buying another at this point. (potential loss of your home)