Newbie needs help - Remortgaging on 50% shared ownership??

Benson112

Hi All,

Im new here so hello first of all!! Ive had a butchers around the site and its looking really good!

Little bit of background on me...im 22. Have a 50% part owned house, around £20k debt, a job that just covers all bills / debts (not including food or petrol!) and we have 2 kids. The girlfriend is at the end of maternity leave (not from a company but government payed so she has no job to go back to) so her money stops coming in very shortly!

Im really struggling to keep my head above water so think its time for a remortgage but im so new to all this i really needs some help!

We havea mortgage for £63,500 which has approx £62,500 left to pay. Were 2 years into a 3yr fixed therefore ill have fees to pay when i move! (1% in the last year i think). We had the house valued around 6 months ago and it was worht £150k (total, so my hald is work £75K) giving me a potential profit of £12.5K.

Obviously minus costs of remortgage i could really do with this money but im having trouble knowing where to go. Everybody i speak to will not deal with me unless i am planning on buying the remaining 50% also! Anybody else had similar issue? Any help graetly appreciated!

Benson112

Ooops i forgot to add ive got a lame credit history....currently in process of fighting the bank for £1300 worth of charges off the bank for being over my overdraft limit for the last 2 years lol.
so i changed banks and messed up loads of direct debits, missed loads of payments and wasted the money so now have outstandings to pay! Ohh my life is such fun! haha

mjdh1957

It sounds as though debt is the real problem here and not the possibility of remortgaging.

Have a look at the Debt-free Wannabee boards and post a message there with a full statement of affairs (SoA), listing all your income and outgoings together with your total debts and someone will be able to give you advice.

In general, it is not a good idea to replace unsecured short-term debt with long-term secured debt as there is a risk you will lose your home if you default.

Good luck!

Benson112

Thanks very much ill do it now!