We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Trouble re-mortgaging
Tim013
Posts: 1 Newbie
Hi all,
Hope you all are well. We had bought a lovely flat in Kingston three years ago with crazy mortgage rate (6.75%)(per month £1,386.64). Our existing mortgage agreement comes to an end last September. We rang Sandardlife (our existing provider) a few times to see if they have a slightly better rate but in vain. We got in touch with a few other mortgage advisers to resolve our financial issue but the only way to get the better rate is to have a deposit of £20K to £30K which we don't have. We also have about £20K on our CCs.
We have now changed our mortgage from repayment to interest only and for that we are paying £982.33 a month.
The problem is we can no longer afford to keep the flat as it is. It is a great shame as the flat is really lovely, in a great location (a few minutes from the station etc.), with long lease and allocated parking etc...
We have also put the flat on the market for nearly 2 months now with one viewer.
We are very keen to either offload the flat with the price equivalent to our existing mortgage or is it a good idea to surrender the flat to Sandardlife.
I quite like to find out the consequences if we were to choose the second option or any other suggestions you might have.
Many thanks
Hope you all are well. We had bought a lovely flat in Kingston three years ago with crazy mortgage rate (6.75%)(per month £1,386.64). Our existing mortgage agreement comes to an end last September. We rang Sandardlife (our existing provider) a few times to see if they have a slightly better rate but in vain. We got in touch with a few other mortgage advisers to resolve our financial issue but the only way to get the better rate is to have a deposit of £20K to £30K which we don't have. We also have about £20K on our CCs.
We have now changed our mortgage from repayment to interest only and for that we are paying £982.33 a month.
The problem is we can no longer afford to keep the flat as it is. It is a great shame as the flat is really lovely, in a great location (a few minutes from the station etc.), with long lease and allocated parking etc...
We have also put the flat on the market for nearly 2 months now with one viewer.
We are very keen to either offload the flat with the price equivalent to our existing mortgage or is it a good idea to surrender the flat to Sandardlife.
I quite like to find out the consequences if we were to choose the second option or any other suggestions you might have.
Many thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards