mortgage statement

dudlee

Just received this years statement from Accord-deep joy!!!!Our deal finishes 09/12 but we don't think we can cope with the payments for that long and I'm getting worried.We have 89k on repayment and 23k on interest only with an endowment giving a monthly payment of £871 + insurances etc.The rate is 6.19% and early redemption of £5314. We have 2 young children and want holidays etc but find we're endlessly scrimping and saving to ensure we meet the mortgage. HELP:eek:

Thrugelmir

What's is the value of your property? Do you have much equity?

dudlee

its worth £155k:eek:

ginvzt

So, you say your house is worth £155k, how much is the mortgage? How long is the term? When did you take out the mortgage and what is it: fixed for x years, I guess? So, how long is the fix?

But, to be honest, you can't have a cake and eat it. You made a choice to buy the house, and you knew/where told what payments you will have to be making. and you decided that it is worth buying the house. I understand it is not easy with 2 young children, but holidays can be had cheaply at home.

dudlee

we have 13 years left out of the 25yr term. it was a 5 yr fix. including redemption we owe £112,900. thanks:eek:

luckyfool

What has changed that you cannot afford the payments now?

dudlee

You're very patient I appreciate that. Our cost of living just seems to have gone through the roof. Children now 13 with all the costs that brings (music lessons, endlessly in the fridge):eek: endowment that won't reach what we expected (only 50% actually). We aren't extravagant, rarely go out etc

getmore4less

Have you done a SOA
http://www.makesenseofcards.co.uk/soacalc.html

You may have to reprioritise

Post it and let others guide where you can trim back expenses.