Mortgages and Re Mortgages

Chillibird

Hello. Please can i have some help. We have moved from a capital payment on our 40% shared ownership to an interest only due to hardship. however the difference between the two is only around £50 Per month. We have been on this sheme since July 2010. Our payments to the Leeds on a 75k (40%) is coming in at £630 per month. once we add the cost of the rent and service charge on top it is really costing us way too much money and we are finding that times are hard.
pls help.

PS we did build up some arrears that we are clearing. The Arrears from our HA has been added to the mortage and so has the arrears with the Leeds on the mortgage

opinions4u

Sell it if you cannot afford it.

Chillibird

That is really what we want to do but will be in negative so want to see all our options. If we sell we want to be prepared for what we owe the banks.

originalmiscellany

What is your question?
You've stated facts, and I assume you're wanting advice on whether or not to sell...
It looks like the only answer is as you've said - to sell up. At a guess, you've over stretched yourself and you are only going further into debt.

Unless you can find a good regular extra supply of cash through say getting a new job or making serious savings on say tv, phone etc which would make up the difference.

That said I think that opinions4u often speaks the truth, and I think their advice is correct.