re-mortgage

tickety · 27 May 2011 at 9:16AM

My sister is really struggling to pay her mortgage every month since her boyfiend left, she got his name taken off the mortgage and she is down to her last few pounds every month and having use her overdraft!!!!

I said why does she not re-mortgage and try to get a better deal but she says because money is so tight nobody would even entertain the idea, she even had to pay interest only for a couple of years to reduce the payments so that she could clear her credit cards (does not use them now).

Does anyone know if there is anywhere she could remortgage or at least reduce her payments.

beecher2 · 27 May 2011 at 9:21AM

If it is a real struggle, selling up might be the best option. Advice her to go onto the Debt Free Wannabee forum and post a Statement of Affairs as she'll get good advice on budgeting there. As for remortgaging, you'd need to post details of outstanding debt, house value, salary, credit file, and existing deal.

Engeroosi · 27 May 2011 at 10:57AM

How did your sister manage to get her ex name removed from the mortgage?

kingstreet · 27 May 2011 at 11:03AM

What rate is she paying for the current mortgage? If she isn't tied-in, she could ask the current lender if there are any cheaper deals she could transfer to?