Lady in distress..mortgage worries..

Narsi66

Hi,

Iam new to all this, so please bear with me!

Iam in a bit of a sticky position..Ive left my current employer( long story!) & am hopeful of new work very soon. In the meantime my outgoings have eaten away the little savings I have & I have been in contact with my mortgage co (Nationwide) about reducing my payments.

I dont have any other debts & Iam frugal in all other aspects of my life ( small car, best utility options etc) but my mortgage is a big head ache!

My property is worth around 160,000, mortgage 76,000 interest only, rate 6.19, with 4000 redemption charges upto 2013...I know the rate is poor but when I purchased the property, this was the only deal I could get!

If anyone has any ideas on how to get a better rate or reduce my monthly payments ( whilst 'unemployed'..& I hate that feeling) then please let me know.

Ive heard such good things about this forum, I am hoping someone can offer some helpful advice.

Thank you.

luckyfool

You are already on interest only so its difficult to see how you can reduce your mortgage further. If you have previously overpaid the mortgage with Nationwide they would allow you to take payment holidays or underpayments up to the amount built up in reserve. You might be able to switch to a new deal with the penalty being added to the loan, which could conceivably bring your rate down to 3-4%, but you have no chance of getting a new mortgage from a different lender due to your lack of employment. If none of this works you would just need to contact Nationwide and agree reduced payments or a payment holiday for a short period, though this is likely to badly effect your credit record. If you have other unsecured credit you should negotiate reduced payments with them before considering mortgage arrears.

beecher2

Could you take in a lodger?

SouthCoast

Having problems with your mortgage payments?

http://mortgagehelp.direct.gov.uk/default.aspx