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Mortgage Worries
julia78
Posts: 44 Forumite
I earn £20,240 a year. This job is temp for over another year with the hope of going perm. My house is worth £115,000 however due to debt, I need almost £90,000 to pay off loans, debts etc. I am currently with the Alliance & Leicester who I hate due to customer service and do not want to use them again.
What can I do to get out of this pickle? :eek:
What can I do to get out of this pickle? :eek:
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Comments
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You could go over to the Debt Free Wannabe forum if you haven't already done so. Post a Statement of Affairs and they'll give you help on how to tackle the high interest rate loans first, and how to cut down on spending.
How much is your mortgage? You wouldn't be able to remortgage for £90,000 with your salary I'm afraid.
Could you take in a lodger?0 -
Does the £90,000 od debt include money owed on your mortgage...0
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Declaring bankrupcy is not the advice I was requiring thank you!! My mortgage is only £64,000 with a secure loan of £20,000 on top of that.0
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If you are clearing all your debt, and consolidating into the mortgage deal, than you should have a few options available.
You still need a lender to offer over 4 times income, and you are looking for a deal up to 80% borrowing, but you should be able to find someone, if your main objective is to get away from A&L
That is assuming no adverse credit history.
Have you spoken to a whole of market adviser yet?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I don't have a great credit rating due to outstanding credit card bills etc which came to light over a bad divorce but ideally I would like to clear everything. I haven't spoken to many advisors as I am afraid of being laughed at!0
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Please don't worry about telling an adviser about your situation, a good adviser will be able to go through all of your options with you, without doing this you won't know what's available to you which would be a real shame.Happily an ex mortgage broker!0
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I think "mortified" and "ashamed" would be words I'd use!0
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I think "mortified" and "ashamed" would be words I'd use!
An adviser wouldn't.
They should try to help you
I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I feel the same as you. I need to try & get a BTL mortgage to help me clear my debts but don't know where to go for help.0
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