Can't keep up my mortgage!

princessdrive283

Can anyone advise me what to do? The value of my house is lesser than my mortgage balance plus I have a secured loan.

I have very less knowledge about mortgage and finances. Though I thought this idea is possible: If I negotiate with my mortgage provider, that I wish to buy a house which is way, way lesser than the value of my house, will that be possible in any terms?


By the way, how do I compute this matter? An example is, my mortgage balance is £90,000, then I have a secured loan of £10,000, can I buy or exchange a house worth £70,000?

Radiantsoul

How will that help your lender to be repaid?

Your lender will not allow it. The best you can probably do is sell your house and repay some of the mortgage. They will not allow you to buy another property as it will effectly be lending your more money when you were unable to repay the previous loan. You need to draw up details of your assets, liabilities, income and expenditure first off. Then decide if you really can't pay the mortgage. If this is the case then you need to seek advise from someone like the CAB.