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Had Enough

PeterJohnson
PeterJohnson Posts: 196 Forumite
in Mortgages & endowments
Hi

We have tried selling twice, both time for over a year and can not sell. We can not drop the price anymore due to what is owed to the mortgage company.

I have called HBOS to discuss renting it so we can move as we desperately need a bigger house but they said it may be possible but my rate repayments will go up. This means I can not afford to rent anywhere else as I will have to part part of my mortgage as well.

My repayments will be over £650 per month and I know from research renting a two bed flat will not achieve over £525 in my area. This means I will not be able to rent else where.

Catch 22 I think they call it?

Anyway, sill question - is there anything else I can do? We have had enough and really just want to walk away from it all and totally give it all up and start afresh just renting.

Thank you, so to go on.
According to ABBA apparently it's a rich mans' world . . .:p
«13

Comments

  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    Have you asked HBoS what happens if you sell up for less than you owe them? Would they come to an arrangement to pay back the negative equity?

    Walking away will achieve nothing so speak to your lender about what your options are.
  • PeterJohnson
    PeterJohnson Posts: 196 Forumite
    Hi

    Thanks for the comments.

    Yes that is an option I haven't considered I will look at that. :)

    I thought that would be the worse thing to do is to walk away, trust me, if I could I definately would!
    According to ABBA apparently it's a rich mans' world . . .:p
  • alfiesmum
    alfiesmum Posts: 1,171 Forumite
    Could you go interest only for a while to ease things, or extend the term of the mortgage to lower the monthly payments that way perhaps?
  • PeterJohnson
    PeterJohnson Posts: 196 Forumite
    Hi Alfiesmum

    thanks for your reply, sadly I am already interest free!
    According to ABBA apparently it's a rich mans' world . . .:p
  • alfiesmum
    alfiesmum Posts: 1,171 Forumite
    Oh PJ, that was my only sensible reply of the day too..never mind. What about extending the term , might that be possible? Put the figures into a basic mortgage calculator, and it would show you the difference in monthly payments. Our lender is Woolwich/Barclays, and they don't even charge for changing term. Others charge a one off £10 / £20 or £50 admin fee.
  • JonnyTwoToes
    JonnyTwoToes Posts: 67 Forumite
    Any chance of extending the term to bring the mortgage down?
    Original Mortgage £68456.47

    Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)
  • PeterJohnson
    PeterJohnson Posts: 196 Forumite
    Hi AM and JTT. Thanks for that. That could be a possibility I shall try! I do wish though I could make it all go away!!!!!
    According to ABBA apparently it's a rich mans' world . . .:p
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If the mortgage is on an interest only basis then extending the term wouldn't make a difference. Interest only payments would be the same regardless of the term
    I am a Mortgage Adviser
    You 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.
  • King_Of_Bling
    King_Of_Bling Posts: 279 Forumite
    GMS wrote: »
    If the mortgage is on an interest only basis then extending the term wouldn't make a difference. Interest only payments would be the same regardless of the term

    That sounds logical :j
  • PeterJohnson
    PeterJohnson Posts: 196 Forumite
    Hmm. What would actuall happen if I walked away?
    According to ABBA apparently it's a rich mans' world . . .:p
This discussion has been closed.
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