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Argh help Trying to reduce mortgage payments with the Abbey
sarahrob74
Posts: 5 Forumite
Hi i wonder if anyone can help or give me some advice.I have a mtge with Abbey 155k and its on a fixed rate of 5.95% until jan 2011, my hours have been reduced at work and we are finding it really hard to make ends meet (living on c/cards at mo) we have 3 kids and my husband in forces due to leave in 6 years.
We have rung up Abbey to see if we can change our rate but will charge us 5k plus admin fee to change to a rate of 4.99%!!No point as drops payments by £80.00, i asked to switch to interest only as this reduces payments by 300 per mnth but due to LTV of 80% and they require 75% they will not do it.
I have written a complaint letter and recd a reply stating the reason why the will not do interest only etc and that they have offered a rate decrease even though this is not enough money wise.
Thinking of selling up but i really don't want to as still have to pay ERC then estate agents etc adds up to approx 11K......really do not know what to do now.
Have spoke to 2 FPC who also can't find a deal due to adding on ERC the LTV is shot.House valued at 195K for selling by esate agent.
Anyone any ideas?
We have rung up Abbey to see if we can change our rate but will charge us 5k plus admin fee to change to a rate of 4.99%!!No point as drops payments by £80.00, i asked to switch to interest only as this reduces payments by 300 per mnth but due to LTV of 80% and they require 75% they will not do it.
I have written a complaint letter and recd a reply stating the reason why the will not do interest only etc and that they have offered a rate decrease even though this is not enough money wise.
Thinking of selling up but i really don't want to as still have to pay ERC then estate agents etc adds up to approx 11K......really do not know what to do now.
Have spoke to 2 FPC who also can't find a deal due to adding on ERC the LTV is shot.House valued at 195K for selling by esate agent.
Anyone any ideas?
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