Desperate for Help with Negative Equity

Fire_Fox

I know it's very easy to say, but one thing I have learned in life is that stress is a completely destructive and largely pointless emotion (I have been diagnosed and treated for stress/ anxiety, insomnia and depression!!). This is one of life's challenges, so rise to it and you will come out of the other end wiser and stronger.

There is ALWAYS a way out of a nightmare situation, might not be the ideal solution but there is a way out all the same. If you respond to my earlier queries - or find out and come back to us tomorrow - we will work with you on the next steps. Research research research.

If all this is making you ill PLEASE go and see your doctor and ask for help - if you have low mood antidepressants, counseling and physical activity are all scientifically proven to be effective; if you are more stressed a low dose beta blocker can help without making you drowsy or again physical activity is amazing. :j

Fire_Fox

theinbetweener wrote: »

i revert to the standard variable rate yes. I think my savings would save me around £100 a month if i put them into the mortgage. there is slight fee of 3% over on about 15k of it but in the scheme of things i dont think thats bad.

I called my lender once a few months ago and they just tried to peddle me a different mortgage after i pay a £2.5k product fee...moving and starting afresh, albeit with a huge loan around my neck is attractive though. I will try and find a branch to walk into and ask about that.

My last post crossed with yours!

What is the standard variable rate? What does this mean your outgoings will be? When does your mortgage year run from and to? Can you pay off £15K now and £15K in six months to avoid the 3%? Or is it more worthwhile to pay the lot now? :huh: See snowball calculator below.

Don't telephone the lender, make an appointment with the mortgage advisor and have all your facts to hand - what the flat will rent for on the open market etc. Do you know where EVERY last fiver of your current above average salary goes? If not there is a budget planner below. Complete it and post here or on the Debt-free Wannabe board and ask for a brutal assessment.

I suggest you spend the next six months absolutely killing yourself to save every penny you can of your wages, no socialising just have mates over. Eat vegetarian, have shorter showers, walk to work, cancel any contract you can. If you are able to take in a lodger do so and set that money aside too. Read the Gambling Loopholes board and start matched betting (NOT gambling) to make another few £K tax free. If you already have £30K savings after only buying in 2008 I suspect you have a LOT of spare income to channel and six months doing the above you could be out of negative equity. :T

Some homework for you!!!
http://www.makesenseofcards.com/soacalc.html
http://www.whatsthecost.com/snowball.aspx