No way out.

getmore4less

You need to be on debtfreewanabe for this, that where the people are that can analyse the debts and SOA to look for options.

Mortgage rate still looks high at £229pm on £43k interest only.

silvercar

getmore4less wrote: »

You need to be on debtfreewanabe for this, that where the people are that can analyse the debts and SOA to look for options.

Mortgage rate still looks high at £229pm on £43k interest only.

I doubt you could move the mortgage to a cheaper rate. If your credit rating has taken a battering and you have all this extra debt, you wouldn't get the really low rates that are highlighted in best buy tables. If you did manage to get a slightly cheaper rate, you would have to pay admin charges and valuations that would eat into any savings you would make.

Whether you should still be paying into a failing endowment policy is a different question. Accepting that there is a high risk attached to having an interest only mortgage with no plan in place to pay it off, you could consider stopping the endowment policy. Either cash it in and use the proceeds to clear high interest debts or make it paid up (=it carries on growing til the end of its term without you paying more premiums in). You would need to check whose name(s) are on the policy - if its joint names the proceeds would go both ways, half each.

getmore4less

I doubt you could move the mortgage to a cheaper rate

Current lender might have something 6.4% is very high.

Maybe it is a fix and has a good followon rate.

I am off this one now it is a debtfreewanabee problem and untill ALL the details are provied people just cant realy look at the options.

Magnox

My very 1st post was in debtfreewannabe!! where they said it's a mortgage problem, so it seems I'm just going round in circles.

Thanks anyway.