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Selling up and reducing Mortgage payments
amber95
Posts: 3 Newbie
we are currently thinking of selling our house and buying something cheaper so that we can use the "profit" to clear some of the debt we have and because i am finding it very difficult to get to the end of the month with the money we have. Because I have defaults ( i am paying on terms after getting advice from national debtline)does this mean that getting a new mortgage will be impossible. My other half has thought about renting but i think thats dead money. any advice out there please
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Comments
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You might do better asking this on the Debt Free Wannabe forum, but while you're here, how much equity, how much debt and what defaults? The biggest problem IMHO will be if you have several months mortgage arrears because that will pretty well stop you getting another mortgage. (trust me, I know about that)A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
My personal debt is awful at around 30000 we have no mortgage arrears just paying interest only at the moment that's why we need to sort this out thank for tip re debt free. I am concentrating on paying debts off which have not resulted in defaults or arrears (yet) as i have payment plans with other lenders.0
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An appointment with a whole of market, independent mortgage advisor will help you establish whether you can get a new mortgage, otherwise you can simply ask your existing lender if they will transfer you existing mortgage to a new property. Problem is, a common condition of allowing you to do this is that you can't borrow less money or a higher percentage of the property's value.
Worth trying though!Everything that is supposed to be in heaven is already here on earth.
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