Are First Direct Mad.......What do I do now?

maninthestreet

julie2710 wrote: »

I know that I don't meet the lending criteria - when I started paying the mortgage on my own repayments were over 1600 per month, now down to 1200 - so am putting the extra 400 away to pay off once I have secured the deeds in my name. Selling might seem like a rational thing to do but I would ask the following questions to those who might suggest it
1. Where do I find a buyer in the current climate?
2. Where do I then go with 2 children if I cannot secure a mortgage after the sale with what equity I have left? I live in the South East where prices are high and 2 bedroom places in this area are 250K. I need to stay here firstly for my job and secondly as a full time working mum I need the support of my family and friends who help with childcare and who also live here!
3. The only stability my sons have is the roof over their heads and the people around them and why should they be deprived of that?
I'm not sure how much the indemnity will cost but even a financial advisor I spoke to today said he thinks banks are stupid when they refuse to do things like this - they are not increasing their risk. He suggested the indemnity might be the best bet for the time being until the deeds are switched and I can then clear some of the mortgage in excess of what I am currently paying. Won't do that prior to the deeds being transferred in case ex changes his mind and then benefits from my overpayments.

Houses are still selling, even in the SE - but only if the seller is realistic about the price they expect the house to sell for.