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Mortage Problem
darren.oates
Posts: 1 Newbie
Having been forced into a remortage with Mortage Agency Services(interest only) over five years ago due to my divorce, with no other choice. I feel that they have got me over a barrell!! They have just increased my rate to 5.25%. They will not consider any other alternative for me. My income has increased over the 5 years but the equity is reducing year by year. The equity is currently about £20000 approx. I need to get out of this situation!
Can anybody assist me on this please?:money:
Can anybody assist me on this please?:money:
0
Comments
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How much do you owe on the mortgage?
What is your income?
Have you any adverse credit such as missed payments, defaults or CCJ's?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Without knowing the property value, its hard to know how high a loan to value you have. If it is above say 85%, new lenders taking you on will look for you to set the mortgage up on a repayment basis and you'll probably find their rates are higher than the SVR you're on now.........plus fees to set up a new deal.0
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at a guess, either your income isnt high enough for another lender to consider looking at it or you dont have enough equity for another lender.
You could sell the house.0 -
If you're finding interest only payments at that rate a struggle really the only realistic option is selling up.0
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