Mortgage issue!

bobo80

Me and my wife bought are apartment around 4 year ago, before the housing market crashed. We got a repayment mortgage but over a year ago I lost my job in construction and because of the state of the housing market I have still not been able to get a construction job so have been driving a taxi to try and make ends meet. So 6 months ago we started to struggle with the bills as we had now used up all are savings. Anyway, we went to the bank and asked could they change are mortgage to interest only and they agreed to do it for 6 months but are circumstances still have not got any better so we asked them could they keep the mortgage at interest only and they have refused and said they're putting it back to repayment which will add £400 that we just don't have. I told them there is a chance we would have to declare ourselves bankrupt and if that happened they would be getting the keys of a apartment that is in 50k negative equity. Why would they force us down that road when they know 5 years down the road its them who is gonna have to right off that 50k? If there's anyone who could give us advise we would be really grateful..

koexelek

This is what banks do.... kick people when they are down

Thrugelmir

With interest rates at all time lows. The situation isn't going to get any easier. Sounds like affordability was a major issue at the outset.

Worth posting on the Debt board for advice. As you need to tackle your problems head on.

bobo80

I should have added that I have 2 loans and a car loan. The car will be paid off 5 months which will mean we'll have £200 more each month the other two loans will be paid off in the next 18 months, so if they worked with us until then we'll be in a better position and will have no problem going back on repayment. When we talked to the girl in the bank she looked over are accounts and said the banks of the opinion that 'why should they keep us on interest only mortgage just so we have enough to pay are other loans'.