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IO mortgage problem....help!
emlee
Posts: 7 Forumite
Hi there,
its been a long time since I last posted but I have a problem that Im hoping someone can help with.
We have an IO mortgage with 13 years left. We have nothing in place to clear the debt when the mortgage term is up. What do we do? Originally, Legal & General set us up with an endowment but after the initial meeting we heard nothing from them. Being 12 years younger back then and very naive, we just left it....and left it....and left it....
Even after the credit crunch the house is worth double what we paid for it so things arent as bleak as they could be - I just need to know what our options are.
We could go backl to the mortgage company and ask for their advice but it was Bradford & Bingley who are now Mortgage Express and they want to do everything over the phone...and there's this irrational feeling that they're going to say 'no endowment? out you go then'...
(I keep saying we but my name isnt on the mortgage, we treat it as though it is but its all in my partners name)
Can anyone help me out?
Cheers
its been a long time since I last posted but I have a problem that Im hoping someone can help with.
We have an IO mortgage with 13 years left. We have nothing in place to clear the debt when the mortgage term is up. What do we do? Originally, Legal & General set us up with an endowment but after the initial meeting we heard nothing from them. Being 12 years younger back then and very naive, we just left it....and left it....and left it....
Even after the credit crunch the house is worth double what we paid for it so things arent as bleak as they could be - I just need to know what our options are.
We could go backl to the mortgage company and ask for their advice but it was Bradford & Bingley who are now Mortgage Express and they want to do everything over the phone...and there's this irrational feeling that they're going to say 'no endowment? out you go then'...
(I keep saying we but my name isnt on the mortgage, we treat it as though it is but its all in my partners name)
Can anyone help me out?
Cheers
Proud to be dealing with my debts
Total Debt May 08 : £13512
Total Debt May 08 : £13512
0
Comments
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See a whole of market mortgage adviser and discuss repayment mortgages (if an endowment has been in place this would have included an element of life insurance) so maybe you ned to discuss this also.......0
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Can you afford to change it to a repayment mortgage? Why not go and see a mortgage adviser to see what your options are.0
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Our credit is pretty sticky at the moment - Im worried that no-one will take us on to change the mortgage (if that makes sense)...Proud to be dealing with my debts
Total Debt May 08 : £135120 -
You wont know unless you ask....0
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Are you able to overpay your mortgage? You could work out how much a repayment mortgage would cost, and overpay the difference.0
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thats a good idea - we hadnt even thought of that! Its definitely something to look into....cheers.Proud to be dealing with my debts
Total Debt May 08 : £135120 -
Could you downsize in property value. To release equity and sort out your financial affairs?0
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We're getting a valuation done with that in mind, just looking at some houses now as a matter of fact. I'll miss this one but I'd rather be debt free....Proud to be dealing with my debts
Total Debt May 08 : £135120 -
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