Mortgage Advice Needed Please

farquarpigmix

Hi,

Got 21 months of a mortgage redemption left.(£5,000) to pay if switch lenders. Payments each month are £857.00 ( Yes I know ouch on a £129.000 mortgage. ) Been doing martins 10 list things to do so tried changing my mortgage but some of the offers are the same or even more worst.

Never missed a payment in 2yrs & 4 months. Had a bit of a problem with adverse history ( Paying it of slowly but surely through payplan )

Am asking is there a way of getting a mortgage which will get my monthly payments down? Tried 1 of the sites of here london & capital, said he cold get me one through the abbey but was rejected. This mortgage is getting to feel very heavy around my shoulders & am asking if anyone can point me in the right direction.

If I can get this down it will be a very big relief.

Thanking you in advance.

lisyloo

It sounds like you've already looked into this fairly thoroughly so not sure anyone can offer much advice.

Are you on a variable or fixed rate?
If variable then there is some hope of an interest rate cut which may give you some relief.

Have you checked your credit file?
Be careful not to make too many applications.
It could adversely affect your chances.
If you've made a few recently then you may need to wait for a while.

Do you have a spare room? Could you consider renting it out?
There is no tax to pay up to a certain amount?

Only other ways I can think of are
1) Go interest only for a while (this is only useful as a short term fix as the capital has to be repayed)
2) Extend the term

If you really need to take drastic measures i.e. can't manage medium term then the only solutions are:
1) move somewhere smaller
2) move to a cheaper area
3) rent for a while

Of course there are high costs with buying/selling houses so these are fairly drastic.

I would suggest
1) get credit reports for £2 each and check they are correct. Fix any errors.
2) Hold off any applications short term unless a serious prospect comes up (not just a another loudmouth broker promising something he can't deliver).
3) If on a variable rate, keep fingers crossed for a cut
4) scour this site for savings elsewhere

Sorry I can't be any more help.

farquarpigmix

Hi Lisyloo,

All help appreciated. Sent of for credit reports. Mortgage is a interest payment 1.

I even mentioned to the broken when he was confident of saving me nearly £300 a month ( would have been a god send) about the adverse history ( only £9,700
left to pay. 5 and half years left or earlier. ) That would be no problem you have informed us. He was looking at them affordablity payment mortgages.

Thanks for your reply, all the best for 2006

Farquar