Mortgage Advice Required

adamski1924

Hi,

We live in a home that when we bought we could afford the mortgage, we put £20,000 down and took out a mortgage for the remaining £180,000. The property is probably worth a little over £200k.

Since then I have been made redundant and am basically on minimum wage part-time looking after 2 children and studying to try and improve my career chances.

My Wife works full time (approx £16,000) per annum, and we can only afford interest only payments.

Looking at mortgage deals, the best we can currently hope to borrow is £70,000-£90,000.

We want to pay our mortgage but can't, we have considered moving to another area for a cheaper property but still local for schools and family support but would still need a mortgage of about £120,000.

How are other people dealing with this type of scenario, any suggestions taken on board?

HappyMJ

In this type of scenario you would consider selling and renting.

DannyboyMidlands

If you can't afford the mortgage then staying where you are is not an option, so you have to sell then rent somewhere until you can afford to buy again.

ACG

If you gave up studying and worked full time would that make it more affordable?
Its great being in a better position for the future, but look at all those people with degrees working in mcdonalds (nothing wrong with that but it just proves qualifications dont always mean a better job.)

Sometimes you just have to consider the current situation rather than 3-5 years down the line. But as has been said, if you cant buy what you want then you may well have to consider renting.

Thrugelmir

Sell and rent.