Can I get my mortgage company to lower my interest rate?

poppy10_2

morgan1967 wrote: »

The only option is to tough it out and try to remortgage once we have cleared the arrears?

Many thanks to all that have replied xxx

If you are already struggling with the monthly payments, is it realistic to hope that you will be able to clear the arrears?

morgan1967

Its a possibility.. our payments now do include some arrears , albeit very small.
My husband does get some good jobs come in once we get past winter so if we can survive til next March say we could probably clear the arrears quite easily. Which is why its so hard to just give up and go back into rented accomodation.
A reasonable 3 bed house here to rent is about £1000 so I am not so sure we will be that much better off

DannyboyMidlands

I assume that you have kids, how old are they? Could you not move into a crappy 2 bed flat rather than a reasonable 3 bed house until you are back on your feet?

morgan1967

No its really not an option we are a family of 5 and also own a number of show dogs. So even renting anywhere will be difficult.

My question really was about whether I could reduce my interest rate or not as 10% seems so much higher than the norm.

It seems the general feeling is no, so we are left with the question of whether to tough it out and clear the arrears in a year or so and then re mortgage or throw in the towel and give up our home and possibly some of our dogs to rent somewhere. Which although maybe bricks and mortar is very dear to us

lindens

morgan1967 wrote: »

Its a possibility.. our payments now do include some arrears , albeit very small.
My husband does get some good jobs come in once we get past winter so if we can survive til next March say we could probably clear the arrears quite easily. Which is why its so hard to just give up and go back into rented accomodation.
A reasonable 3 bed house here to rent is about £1000 so I am not so sure we will be that much better off

If his work is seasonal as you suggest, why cant hubby get some agency work to keep some money coming in regularly and do any self employed work in evenings and weekends. not ideal but better than repossession.
It sounds like you need to get over to the debt free wannabbee board, there is loads of help over there, people come up with good ideas and will not judge you at all.

Thrugelmir

morgan1967 wrote: »

It seems the general feeling is no, so we are left with the question of whether to tough it out and clear the arrears in a year or so and then re mortgage or throw in the towel and give up our home and possibly some of our dogs to rent somewhere. Which although maybe bricks and mortar is very dear to us

Why not give up the show dogs for a while. To get on top of the situation you need to cut back and your outgoings. Focus on getting your finances into order. Life would be so less stressful then.