what are my options?

lukemed1

hi everyone!

In a bit of a financial mess but my main problem is we own a flat but seriously want to move to a house, what are my options-

currently own a flat bought for £57,000 currently worth £ 80,000

have £20,000 worth of unsecured debt currently being handled by cccs through a DMP

what's best- remortgage, forget the DMP, pay off all my creditors and then go for a new mortgage?

or carry on with the DMP, sell the flat and try to get a joint mortgage with my fiancee who has no real adverse credit history, we just want to get out of this retched flat into a house of our own!

please help!

best wishes

Luke

lukemed1

anyone?

Wonder_Girl

If you call CCCS we can pass you to a company we use for mortgages that will offer you the best mortgage deal they can find for you from the main lenders. however CCCS will only support this if it is to reduce your monthly outgoings. however we can still give you the number for them to call yourself for the best advice.

Are you planning on clearing the debts with the equity?

lukemed1

not sure whats best to do?

we just want out of the flat and into a house, whats the best way to do this considering I'm on a DMP?

best wishes

Luke

lukemed1

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bump---:beer:

Mike_St_Helens

Sorry to ask again if you have posted before, have you posted an SOA ?

Luke

You said you paid £57,000 for the flat, but what is the outstanding balance?

Is the mmortgage joint or in your name?

What kind of interest are you paying.

But could it be your best option to sell clear all the debt including the cccs. Then take a 100% mortgage on the house. Only problem is that these are higher interest than regular mortgages. Plus you would effectively be swapping you £20,000 of unsecured debt for secured debt in the process.

lukemed1

Mike_St_Helens wrote:

Sorry to ask again if you have posted before, have you posted an SOA ?

Hi mike

don't think an soa is really relevant as I'm already on a DMP with cccs, just wan't to know the best way how me and fiancee can get out of our flat into a house whilst on the DMP

best wishes

Luke:beer:

lukemed1

Luke wrote:

You said you paid £57,000 for the flat, but what is the outstanding balance?

Is the mmortgage joint or in your name?

What kind of interest are you paying.

But could it be your best option to sell clear all the debt including the cccs. Then take a 100% mortgage on the house. Only problem is that these are higher interest than regular mortgages. Plus you would effectively be swapping you £20,000 of unsecured debt for secured debt in the process.

Hi luke,
mortgage is in my name
on a capital and interest repayment mortgage took out 4 years ago, outstanding balance is £56867.65

best wishes

Luke

Luke

Seems you are paying a high rate of interest then

lukemed1

Luke wrote:

Seems you are paying a high rate of interest then

yes that's true but have got it down considerably now as we're out of the original 'tie in' period


Luke