Mortgage arrears and moving house

adealimann

In order to clear our debts, we would like to move to a cheaper area, and release some of the equity in our house. Because of a couple of months mortgage arrears, our mortgage company are not willing to help us. I understand that in this economic climate companies are unwilling to do this, but we are actually trying to clear our debt! Anyone have any advice? Thank you

beecher2

Sell up, move into rented accommodation, clear your debts, work at building up your deposit and credit files.

adealimann

Understand where you are coming from and thanks for your reply, but concerned we won't then be able get another mortgage, although debts will be cleared and we will have money for a deposit, we only have 15 years left on our mortgage and the thought of then getting another mortgage for 25 years which will go on until we retire frightens the life out of me!

Annisele

Then don't get another mortgage for 25 years - they do come with shorter terms!

_Andy_

adealimann wrote: »

Understand where you are coming from and thanks for your reply, but concerned we won't then be able get another mortgage, although debts will be cleared and we will have money for a deposit, we only have 15 years left on our mortgage and the thought of then getting another mortgage for 25 years which will go on until we retire frightens the life out of me!

1) you can't get a mortgage at the moment anyway
2) as has been said above if you're worried about term take a shorter one