NR Mortgage

sweet_memories

We have a mortgage with Northern Rock which has come to the end of a fixed term they have not offered us another fixed term so we are on a standard rate which is fine at the moment but once interest rates go up which will be soon by the sounds of it then we will struggle.

I dont think another company would accept us as we now have bad debts which are under controll but still there we need to find a comany with a competitive rate who will accept us can anyone help as we dont realy want to have to sell and rent

Wutang_2

Overpay whilst on SVR and get your mortgage amount down

sweet_memories

we are paying a liitle over the ammount but when rates go up we will not be able to

_Andy_

How much do you owe?
how much is the home worth (be realistic)?

VIGILANT22

sweet_memories wrote: »

we are paying a liitle over the ammount but when rates go up we will not be able to

If you feel you are nearing financial hardship....now is the time to act...citizen's advice is a good place to start (waiting list for appointments, many like you)....they also have money advisers who they can refer you to and are worth having on board for support...if you see problems ahead of you, now is the time to act.....good luck...

Thrugelmir

If interest rates rise, which longer term they will do. Then house prices may then come under pressure. Tax rises are likely over the next few years as well. So facing up to situation may be better now than later.
There is no disgrace in selling up and renting. Particularly if you are having difficulties. Easier to clear the slate and start again.

sweet_memories

We owe £120,000 and the house is worth about £165,000

sweet_memories

We are dealing with a debt help company we should have used CAB but we are paying the amount set out for us it is just a worry when the rates go up

Thrugelmir

sweet_memories wrote: »

We owe £120,000 and the house is worth about £165,000

You have equity in the property. Personally I would relieve the stress and make a bold decision.