Mortgage Rescue Discussion Area

scorpio_stu

Hi,
I looking for some advice but understand the answers may be speculative.
Here goes.
I am employed
Wife is self employed
For the past two years my wife has been self employed as a mortgage broker,yes she went self employed as the market crashed and has struggled on for two years. Because of this her credit rating is shot and is now unable to get a job in the financial industry as no one will touch her.
Our mortgage is £338,000 plus £16,000 arrears. We are on a fixed rate and the monthly payment is £1788. We have been unable to pay that amount for quite some time as we also have other expenses with 3 children.
Our house is in litigation and HL interactive are dealing with it.They said that they are only allowed to accept one payment plan offer which was the full mortgage payment without any on top arrears being paid off yet. We were unable to keep to that arrangement and have been paying around £1000 into the mortgage each month.Obviously this is showing up as a broken arrangement. We have no family or friends that are in a position to help and we have had the house up for sale at a reduced rate for the past 3 months with no offers. On December the 2nd our mortgage fixed rate finishes and we go to the variable rate.This means our mortgage is going to go from £1788.00 at 6.4% down to 4.24% and an approximate monthly payment of around £1150. This is going to mean the difference of being able to keep our home or lose it.
Srry I'm waffling on a bit but very stressed out.
What I am asking is that we would be able to manage paying around £1400 into the mortgage so that means approx £1150 into the loan and £250 off the arrears which means IF everything stayed te same a 5 year payment plan would need to be agreed as £16000 arrears at £250 per month equals 5 years. We also have one other secured loan with Welcome finance,we are also in arrears with that and now pay £180 per month to them. We have approximately £30,000 of unsecured debt that is gradually going down . Am I clutching at straws to save our mortgage or do you think its possible. I have been in contact with the civil service benevolent fund and they have someone contacting me Monday to sort the debt out. Thanks for listening and sorry for waffling. Stuart

Thrugelmir

Seems as if you took a massive gamble on property and have lived well beyond your means.

Why try and save your mortgage when its on an interest only basis? As and when interest rates rise you'll be in trouble again.

How do you intend repaying a £338k mortgage ?

This is due to the management of your personal finances, has nothing to do with the market crashing.

For the past two years my wife has been self employed as a mortgage broker,yes she went self employed as the market crashed and has struggled on for two years. Because of this her credit rating is shot and is now unable to get a job in the financial industry as no one will touch her.

scorpio_stu

Thrugelmir wrote: »

Seems as if you took a massive gamble on property and have lived well beyond your means.

Why try and save your mortgage when its on an interest only basis? As and when interest rates rise you'll be in trouble again.

How do you intend repaying a £338k mortgage ?

This is due to the management of your personal finances, has nothing to do with the market crashing.[/Q

Thanks I'll just go and top myself then,
did I !!!!ing ask for your blessing on how I run my life you don't know me my family or anything about me so how dare you judge me
!..I CAME ON HERE ASKING FOR ADVICE OR HELP NOT TO BE SLAGGED OFF BY SOME !!!!! LIKE YOU ON YOUR HIGH HORSE.

THANKS FOR NOTHING YOU SAD SAD PERSON

Thrugelmir

scorpio_stu wrote: »

!..I CAME ON HERE ASKING FOR ADVICE OR HELP NOT TO BE SLAGGED OFF BY SOME !!!!! LIKE YOU ON YOUR HIGH HORSE.

THANKS FOR NOTHING YOU SAD SAD PERSON

Sorry if my comments weren't what you wanted to hear.
I certainly wasn't being judgemental. Merely factual. Facing up to ones own problems is often a good way to start.

scorpio_stu

Thrugelmir wrote: »

Sorry if my comments weren't what you wanted to hear.
I certainly wasn't being judgemental. Merely factual. Facing up to ones own problems is often a good way to start.

You obviously were being judgemental and extremely unhelpful. Next time before you judge people that are on the edge read the post properly and offer advice or don't bother.You are obviously on the forum alot as I can see from your posts totals so have a bit of respect for people in difficult situations regardless of how they got there. People do not want to see comments like in your reply they want decent advice.
Think about it before you post in future. I'll not bother with this site anymore .

Thrugelmir

scorpio_stu wrote: »

I'll not bother with this site anymore .

Don't be so hasty. We all make our own choices. Depending on personal circumstances. I'm not unsympathetic. However you are now in the financial position you are. Nothing I say will change that. The only person that can change the current situation is you.

Would suggest you channel your frustation in a positive manner. Pay a visit to the MSE debt boards. As you'll find plenty of support there to help you through your difficulties.

scorpio_stu

I didn't have an frustrations before visiting here and until I read your negative unhelpfull comments. It is irresponsible of you to speak to people in that way. Do you not think most people accept that they have over spent or over stretched themselves and end up on here looking for advice not critisicm. I do not know your background but as I said previously unless you are going to offer any help
what is the point on you being on the forum other than to make yourself feel better that you are not in this situation.
My wife has worked 7 days and nights a week to make a go of her business and I have done numerous overtime shifts to make it easier for her financially.
Your comment :This is due to the management of your personal finances, has nothing to do with the market crashing : It has everything to do with the market crashing and now because we have struggled on for two years thinking the situation would improve ,her credit history is now crap and she cannot get a job because of it.
Please think before you post in future.

ILW

scorpio_stu wrote: »

I didn't have an frustrations before visiting here and until I read your negative unhelpfull comments. It is irresponsible of you to speak to people in that way. Do you not think most people accept that they have over spent or over stretched themselves and end up on here looking for advice not critisicm. I do not know your background but as I said previously unless you are going to offer any help
what is the point on you being on the forum other than to make yourself feel better that you are not in this situation.
My wife has worked 7 days and nights a week to make a go of her business and I have done numerous overtime shifts to make it easier for her financially.
Your comment :This is due to the management of your personal finances, has nothing to do with the market crashing : It has everything to do with the market crashing and now because we have struggled on for two years thinking the situation would improve ,her credit history is now crap and she cannot get a job because of it.
Please think before you post in future.

Things do not always go to plan and it appears you have been affected by the market, but the bottom line is that you are living in a house that you cannot afford and that shows no signs of changing. You need to make plans based on that assumption, not dwell on what could or should have been.

scorpio_stu

ILW ..Thanks for pointing out the obvious.I'm not dwelling I am explaining how I got to this point. So what would you suggest. The house is up for sale,has been reduced by £25k Agents have all said th price is correct for the market. I can't forceanyone to buy it.

ILW

All depends on various factors.

Do you have any equity?
Can you reduce the price further?
Is your wife working?
Can you rent the place out for more than the mortgage?