Mortgage repayment - not gonna happen!

namregd

Thanks guys. I'm going to phone them tomorrow and tell them I will be selling the property at the end of the term - providing I keep up the payments, that should keep them quiet for a while. In the meantime, I need to get out of this mess, and the only way to do that is look for alternative accommodation, and sell this place. Burying my head in the sand isn't going to solve anything. There are added complications of course, like the two school age daughters I have living with me (from my second marriage), the fact that I'm now a single parent recently made redundant and now living on a low wage - but we won't go there!

I appreciate all your comments.

hcb42

OP< I know it doesnt help the long term issue of the mortgage debt OS, but be sure that you are getting all you are entitled to if you are on a low income with kids...

opinions4u

Interest only is a concession.

The mortgage agreement gives them the right to convert this to a repayment mortgage. That would mean monthly payments in excess of £5k a month.

While they are probably only covering their backsides at the moment, this is a situation to move on from. Moving house sooner rather than later will be easier. Sell up and rent.

namregd

Hi hcb42. I am as far as I am aware - don't get help with the mortgage of course but if I was renting I probably would (with the rent that is!). Makes you laugh really, because effectively I am renting. Hey ho!

namregd

opinions4u wrote: »

Moving house sooner rather than later will be easier. Sell up and rent.

Agreed!