big mortgage worry

Peelerfart

I remembrr when we first moved into our house,mortage rates started going up and we were really,really stretched, Mrs PF burst into tears and told me that we'd never have anything nice in the house.

We've now,15 years later, got two lovely little Peelerfart's in the house and a 25% LTV.

Keep the faith twerp

twerp

i am taking all this on bored, though declaring bankrupcy is something I think will come as a last resort, i guess that was just reassurance rather than looking down that route!

I do know that cut backs need to be made, and will look down those routes. I do have a running spreadsheet which shows all my monthly out goings and money remaining. Life is just rather expensive!

I just want to investigate all avenues that are open to me first rather than going to the extremes of cancelling my tv licence etc, think id prefer to do sell myself on the street once a month than go to those kind of extremes.

looking through my outgoings I do pay out on life insurance, is this required (im 26) does anything other than life insurance cover paying of the property if me or my partner were to die?

beecher2

Here's the Statement of Affairs people usually use.

http://www.makesenseofcards.com/soacalc.html

If you post it on debt free you'll get great ideas - cancelling the tv licence is a bit extreme in my opinion, but you'd be more likely to find ways of saving with your utilities, groceries, and the money which just disappears on coffee/magazines etc. They might just point out things you haven't noticed, or have ideas like paying your council tax over 12 months rather than 10.

If you can overpay £200 a month now, and £600 a month from September then you're in a pretty good position. If you download this programme, and put all your details in you'll see what a big difference it'll make and can try to judge when you'll be at 90% LTV

http://forums.moneysavingexpert.com/showthread.html?t=1157173

LilacPixie

Twerp - alot of us have done stupid things with cash in the past no point dwelling you have to move onwards.

As for interest rate none of us really have a clue, some think a slow rise starting early 2011 others think they will shoot up as quick as they came down.

Might sound a bit OTT but could either you or your partner or even both look at taking a part time job for more cash??

twerp

cheers for the tips

as for a part time job, I work any overtime I can get at weekends and this is quite regular so I couldnt disturb that with a part time job

my girlfriend is working full time and also doing a full time degree and so she cant deal with anymore additional work

Gorgeous_George

I too was irresponsible when younger. Clearing the debt was hard work and I went without lots of things. Bankruptcy is theft IMHO (and I know that won't be popular with people who choose to see themselves as victims- but this ain't the DFW board so I can say what I think).

Good on you twerp. You will come through this with your self-respect intact.

GG

MissMoneypenny

Gorgeous_George wrote: »

Good luck!

Moving may mean becoming a Landlord and a Tenant.

IF they can get consent to let from Northern Rock..

Flearoy

Twerp, chin up. I don't have much equity, if any, in my house despite doing a load of work on it as I bought it with a high LTV mortgage in 2006, and with the folly of relative youth, spent my spare cash like monopoly money rather than pay a bit more off the mortgage. Our fixed rate with NatWest ends in 2013. I'm hoping to have 10% equity by then, but as I can't rely in house prices increasing, the only safe bet is paying off more capital to ensure that I'm not stung with what might be a relatively expensive SVR. Got to keep a roof over my head so certain economies must be made!

PayDay

twerp wrote: »

Especially considering that 'OUR' money bailed them out

It was people walking away from their debts that have caused the problems for everyone else.

Peelerfart

PayDay wrote: »

It was people walking away from their debts that have caused the problems for everyone else.

Just when I thought we were going a bit soft ! :rotfl: