Advice needed!

bobdauilda

I currently have a 240k mortgage on a 330k home but have 90k on credit cards and loans. Through illness I have been unable to work but my wife works and our joint income is £3k a month. Outgoings are nearly 2.5k on the cc and loans per month alone which leaves very little left over to live on. I want to borrow more against the property on a mortgage but my exisitng lenders only offer upto 80%ltv which is no good. I do not want to go down the insolvency route as I hope to return to a well paid job in the new year but need a tide over in the interim period. Does anyone have any ideas on my options please?

uzubairu

Why not try to live on the little that is left until you are back in work and earning.

I doubt you'll get anyone to consider lending you more money in your current situation, but good luck in finding a solution.

benjo

Try interest only perhaps or rent a room to increase your income for a short time or payment holiday, visit the debt free wannabe part of this forum for some ideas about how to live for less.

_Andy_

With that income no lender will lend you the amount you want.
As others have stated you could perhaps look at going interest only although this is really only a short-term stop-gap.