mortgage

pfrench

i'm finding it hard to keep up with my mortgage payments and wondered if there are any other mortgage products that can dramatically reduce my monthly payments.I have a fixed rate repayment mortgage that has 14 years left.Is part ownership an option?or are there any other ways
Please help.
Pete

Cara79

Hi there

How long is your fixed rate for? Any redemption penalties? Who are you with and what % rate? What's the amount?

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pfrench

sorry I'm with Northern Rock 1000 penalty(i think) 4.7% on £1000,000

pfrench

sorry i'm with Northern Rock not sure on penalties its for £100000 @4.7%

Cara79

I suspect you could possibly increase the term, i.e. increase it from 14 years to say 20. Or you could go interest only for a bit to reduce the payments, but this would not be paying any of the capital off.

Have you popped over to the debt free wannabe board. You could post a Statement of Affairs (i.e. what income you get each month and list all your outgoings, they can then point out where you can make savings). Your mortgage is of highest priority, so should be the first to be paid.

Hopefully someone who knows more about mortgages will be along soon. I do not know about part-ownership.

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pollyanna24

I agree with the above person about seeing if you can keep payments as they are, but if you can't, ask the bank about extending the loan. Okay, so you pay more in interest, but at least you'll keep the house!