£20k loan - need a lower payment

CD_Man

Hello - Last year I bought my 1st place & took out a mortgage with northern rock which has been fine but I also have a £20k loan outstanding and since I took the mortgage out last May Ive been paying my loan each month with £5k that I sold my car for. The payment is just over £300 a month.

I wont be able to afford the mortgage and the loan come 1st of May & need to come up with a way of paying this - does anyone know if I could add the balance of my loan to my mortgage or could I remortgage my flat to pay off most of the loan? I did have the option to incorporate the loan at the time but chose not too, seems like I should have now....:rolleyes:

Thanks

CD_Man

Anyone? Theres 4 years left on the loan so dont really want to tie it in with my mortgage :rolleyes:

spoonz

hello!

1) Do you have a fixed/variable/tracker rate on your mortagage?

2) If so how long is this for?

3) What is the redemption penalty if you re-mortgage now?

4) What is the Loan To Valuation as a percentage of your mortgage currently?

jonesMUFCforever

What was the £20k loan taken out for?
Do tell us it was not for the deposit for your house. If it was then you are going to be in trouble aren't you?

How much is your monthly repayment on this loan and how much can you comfortably afford each month?

makingendsmeet_2

Is the loan unsecured or secured??? If it is unsecured you will be able to reach a payment plan with your creditor to pay back and amount you can easily afford each month, it will effect your credit rating but at least you still have your home. If its secured you are in more trouble there will not doubt be a solution but I have no idea what it is. Sorry.