Help pls on interest only,,,,

beecher2

emvic wrote: »

my apr at mo is 8.4% so i was hoping that i may get a lower rate to warrent maybe the same as what i am paying now.

You can't remortgage because you're in negative equity, and because of your debts. You'd be paying the same interest rate, but in addition the capital. You do need a plan to repay the mortgage, but need to sort out your other finances/debts first. DFW will help you

Wutang_2

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emvic

I thought as long as i wasnt wanting to be releasing any money, only wanting to chage from an interest only to a repayment. Sorry if i sound a bit thick !!

beecher2

emvic wrote: »

I thought as long as i wasnt wanting to be releasing any money, only wanting to chage from an interest only to a repayment. Sorry if i sound a bit thick !!

If you want to change from interest only to repayment, the amount you pay will go up. If you apply for a new product with a lower interest rate, that's a remortgage and a new application. You'd be unable to do this due to being in negative equity.

I urge you to go to the Debt Free Wannabee forums where you'll get help.

property.advert

I must have missed the episode where the 38k charging order entered the building and they now have charges of 120k on a 90k house.

Can BR get rid of this CO ?

redpete

emvic wrote: »

.. do you think a mortgage co will accept us with a new repayment mortgage - would be devasted if i had to stay on inerest only...

It's not clear what you are wanting to do. Are you asking if you will be able to get a different mortgage that will have a lower interest rate? With your situation and other debts that seems unlikely. Repayment mortgages do not equate to lower interest rates than interest only.

Are you wanting to get off interest only and onto repayment so that you start paying off the capital? If so why not just start paying extra each month, this will effectively make it a repayment.

If you are desperate to sort out your debts, then try the DFW forum.

getmore4less

redpete wrote: »

It's not clear what you are wanting to do. Are you asking if you will be able to get a different mortgage that will have a lower interest rate? With your situation and other debts that seems unlikely. Repayment mortgages do not equate to lower interest rates than interest only.

Are you wanting to get off interest only and onto repayment so that you start paying off the capital? If so why not just start paying extra each month, this will effectively make it a repayment.

If you are desperate to sort out your debts, then try the DFW forum.

they have been borrowing money(with payday loans) each month to pay the interest.

THEY CANNOT AFFORD IT.

poppy10_2

Wow, the amount of financial illiteracy here is astounding. Surely there should be some kind of test before people are allowed to borrow hundreds of thousands of pounds.

Henry_P_Chester

poppy10 wrote: »

Wow, the amount of financial illiteracy here is astounding. Surely there should be some kind of test before people are allowed to borrow hundreds of thousands of pounds.

I agree, it should not be allowed. At least lending is a bit tighter now but seems to be loosening again which is asking for more trouble.

I think the OP needs to get things sorted ASAP as when base rates increase he will probably lose his house as things stand.