Help re. negative equity

jimjames

GlynD wrote: »

Excuse me. Do you mind taking your bickering somewhere else. OP will not be pleased to see your attitude on her thread. Neither am I for that matter. Address the subject in hand or go elsewhere and find someone to fight with. For my part I will not be responding to you again. One more personal attack and I will report you to the admin team.

I hope you you understand that.

And thats the problem with the web and forums. I can see the humour in your post (despite being virtually Cockney!) but looks like not everyone can.

It might be useful to know for what reasons the bank has increased the rate when base rates haven't moved?

Irishgal_2

GlynD wrote: »

We don't do lodgers in Norn Irn mate. We get people told. OP needs to go to her lender and see what they can offer. As everyone who bought during the NI boom is in the same fix there will be a contingency plan.

Hi, thanks for all the replies!! GlynD as a fellow Norn Ironer I totally get your humour and I've taken your comments on board from the other thread. Have posted here cos people on the other thread told me to post here! Thanks.

Taking on a lodger is not an option thanks. I've just had a baby and live in a small council house, so I feel I would have to pay someone to live in my house never mind other way round!!

ILW

Are you now paying over 10%?

Irishgal_2

ILW wrote: »

Are you now paying over 10%?

Will dig out rates details tomoro and post them. The rate increase happened last year and have since had a baby so just can't remember exact details. Bear with me and I'll post details!

Thanks

beecher2

ILW wrote: »

Are you now paying over 10%?

I think the OP is talking about base rates when she talks about 5.75%, ie in July 2007.

I'd hazard a guess that she was on a tracker at base plus 2% (?) and reverted to an SVR of around 4.8%. If this is unaffordable at interest only, then a wider, more long term solution would need to be looked at. Professional advice would have to be seeked rather than posting a SoA on DFW as cancelling Sky or cutting holidays would be a drop in the ocean.

SAMMYE_2

You say you earn less that 20k each I'm assuming then you only just earn below £20k. You should be easily able to afford to pay £1000 a month if you make cutbacks!

Your lender will not want you to lose the house as they will have to sell at a loss and lose money so it is in their interest to sort out a better deal.

Go to them explain the situation have in your mind what deal you want and can afford and say that if you dont get this deal the likelyhood is that you will default on your mortgage and be declared bankrupt.

It isnt in their interest to see you fail.