mortgage woe

libcha

Hi where to start my mortgage is due to finish i have interest only i have a short fall of 30 000 though i have overpayed when ive had extra cash we are 66 and 68 lived in the house 28 year never missed my mortgage intelligent finance have let us have extra 3 year which is nearly up they say my husbands age is over thier critera and say i should sell i dont what to move i love it here,,, its a safe area we know every one now the bombshell is ....we personally have always paid our way never miss anything and had a fantastic credit ratings i was stupid to lend money on credit cards to a family member to try and save a business and they let me down it was £30 000 and we got a ccj and defaults against us the good news is they are getting it sorted they are paying the debts we have a lot off equity in our house and need someone to give us a remortgage for the shortfall at a proper rate is there:( any one out there to help ...:( ps or are there any genuine buyers who will rent back

_Andy_

Can you break that down into sentences?

opinions4u

Let me try to clarify this:

You're both over 65.

You owe £30,000 (or is it more? You use the word "shortfall").

IF have already extended the term for you and are refusing to extend it any further.

So you need to remortgage elsewhere, but you have a CCJ.

Please can you confirm if this summary is correct, and also say how much the CCJ is for and how much the property is worth. Additionally, how much a month are you paying at the moment? How much could you afford to pay?).

Thanks.

(Assuming I've understood correctly, I'd still work away at IF - complaint etc - as they may still be able to extend the term further. It would be unusual for a court to issue a repossession order in these circumstances).

libcha

Sorry if im not too clear not used to this typing the ccj is 10,000 , im 66 my husband 68, intell finance .are saying cut off point for mortgages is 65, we pay £122 we are on guaranteed pension credit my property is worth around £130 000 i owe £55 000 i have access to maybe £25 000 they did extend for 3 year we are always making extra payments i could pay £200 per month back# thankshope this makes things clearer i am terrified they will go for a reposession .

poppy10_2

Re-writing:

They have an interest-only mortgage with a £55,000 balance to be paid. They have access to £25,000 cash/investments to pay this off, but this will still leave them short of £30,000.
The mortgage term has already been extended by three years.

They feel unable to re-mortgage due to their ages (65 and 68) and the fact that they have a CCJ.

Meeper

Sell the property.

libcha

This is the thing i im trying to avoid i dont want to leave my home for a 1 bed council and that is the alternative Had a offer listen to this £17000 over 240 months at £353 per month pay back £62.500 back jokers they are leeches

ruggedtoast

You need to speak to a broker as soon as possible to see if you have any chance of remortgaging else where. Try London and Country as a place to start.

Your other alternative is just to ignore IF and see what they do. Basically though, they want their money back and you are contractually obliged to pay it now. If they do start repossession after obtaining a court order then you will be at a disadvantage as you will likely not get the best price for your house.

I can't help but feel you need to see the citizens advice bureau and possibly Shelter. However you probably also need to see an estate agent as you may have no choice but to sell. Getting your house on the market sooner rather than later is key in this market.

opinions4u

Get the likes of CAB or Shelter involved.

They should be able to advise you how to argue your case to stay put.

Or even one of the financial journalists (Margaret Stone, Tony Hethrington at the Daily Mail / MOS).

I'm assuming you're on a low rate with IF. Could you afford the payments if rates increased sharply?

I may be wrong, but I

libcha

Yes i could afford more shelter have got all my case still waiting three weeks on -IF- drag thier feet .. shelter sent my permission to talk to them not got back to them yet i will get in touch with the mail thanks