big mortgage worry

_Andy_

There is nothing 'unfair' about this - your mortgage contract included moving on to the SVR after the fixed rate term.
No lender has no obligation to provide new 'deals' after this and there would have been no implication of this in the KFI and mortgage contract.

Your high LTV/lack of equity isn't your lender's fault (nor is it yours obviously).

Peelerfart

But I'm a taxpayer too and it is in my interest that you pay the money back you owe.
I don't think that's unreasonable that you should have to go without "stuff" for a while in order to payback what you have spent.

Payback your mortgage and your credit cards like everyone else. The fact that it's NR is irrelevant.

beecher2

I hope the comments don't put you more on the defensive, and I hope you do go onto the Debt Free Wannabe forums for help. If you post a Statement of Affairs there, you'll get practical help, and people there aren't as 'sharp' as we are on this forum. Getting your LTV down to 90% shouldn't be impossible.

twerp

the extra 14k covered costs, such as solicitor fees, NR fees etc, it was used to pay off an existing debt which we had, and then for purchasing things for the house, furniture, new kitchen, bathroom to hopefully increase the value of the prooperty. It was almost an investment to bring up the price of the property, not sure if this has been achieved, never had it valued.

It will now be my intention to pay more off what we are paying, but in the instance I can pay 200 a month extra, thats only around 2.5 k a year off the mortgage and only up and till the interest goes as high that I cannot afford the extras. On the subject of the interest rate does anyone have a sensible prediction on when this will increase, by how much and how quickly?

My main issue is that the increase will be purely more interest, not more being payed off my house. This is why I thought that if I could get an unsecure loan, say over 10 years to pay off the 18,500, I could then look to bringing my current mortgage to the 90% mark, remortgage and get tied in so I am not severly hit by interest rates which I have no idea about. Surely it is a benefit to me that the 2 loans are split, I have no ties with NR to take either away.

May sound stupid but - because my house is jointly owned, me and the girlfriend, is it not possible to do a mortgage split, so I would borrow 'x' amount and she would borrow 'x' amount? combined = 104k?

getmore4less

What rates are these other new debts, if high then they need paying first.

_Andy_

I don't think any provider now offers a 10 year term, esp for debt consolidation. You may be lucky enough to get 7 year term although be aware higher loan amounts are nowadays hard to get approved for.

Regarding the 'mortgage split' - that's not something that's possible.

Gorgeous_George

Just overpay and don't spend anything that you don't need to. I'd can the TV if I was in your position to save the licence fee and Sky subscription. I'd keep my broadband though. I wouldn't have a mobile phone. I'd diet. There's lots of fun stuff to do for free.

Get a motivation tool. Perhaps draw a sketch of your home and colour in the bricks that you own? Like eating elephants, start small. It is a long journey but one that only you can make.

Good luck!

Moving may mean becoming a Landlord and a Tenant.

GG

twerp

the other debts are a credit card around 4.5k 6.9%apr and another credit card 2k around 10% apr

I do have 2 loan payments which are coming to an end this september which combine to around £400 per month. This is my saving salvation as that can be plowed into paying off existing.

Please be aware that I am fully aware of my previous terrible finances, young and foolish play a big part, dont think I've ever been responsible with money, and I have nothing to show for such debts. I am trying to rectfy myself now though but breaking a habit of a life time is difficult to say the least.

getmore4less

If you can avoid taking on more debt you will get through this.

As has been said debtfreewanabee and a SOA is the next step to fomulate a proper plan.

If you can cutback a lot for this year you can review priorities once the loan money is available and consider adding back some me/us stuff.

Conrad

twerp - one of my brothers and his gf went bankcrupt. A real life changer for them and they never looked back. This was 06/07.

They did get a mortgage as soon as discharged (12m), but that would be a lot more difficult in the current lending landscape. 3 years from now though I'd expect sub prime ledning to be back.

They now live debt free and are v happy.