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Now redundant do i put it on mortgage

nanmas
nanmas Posts: 8 Forumite
in Loans
My husband has recently lost his job, i have 2 loans totaling 7 thou, one finishes in 29 mth one in 48 mth and with my mortgage £700 a month the 3 combined going out, should i consolidate and put it on my mortgage as a homeowner loan, then put it on interest only, can you put a homeowner loan on interest only?? it would cost more in interest or do i just bite the bullet and let them run the course? my hubby lost his job on wednesday, my son on saturday! can it get any better?

Comments

  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    two words. HELL NO. What if you start defaulting on the additional payments? You're at risk of losing your home. You're better off having a look at your WHOLE debt situation and looking at alternative solutions such as negotiating temporary reduced payments.
    Is your husband entitled to any contributory JSA? Check your benefits situation now that your income is reduced. https://www.entitledto.co.uk Have you got any payment insurance on the loans?
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • nanmas
    nanmas Posts: 8 Forumite
    No ppi, as a teacher at college we thought his job would be safe forever!
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    With no income you won't get any secured borrowing.
This discussion has been closed.
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