Please Help, Reducing Mortgage

Jujutsu123

Hi i am new to this so hope this is in the right section.

I have a mortgage of £100,000 my house is worth £160,000 - £170,000. I have slipped behind on my repayments as im on a zero hours contract at work. I ve notified the mortgage company that i forsaw a problem in early december. I managed to pay that mortgage with help from my mum.
Havent paid january 2013 so two weeks behind.
Itdosent look like im going to be able to pay febuarys as work dosent pick up until middle febuary normally.

Im thinking of buying a smaller house say 120,000 so that i have less of a mortgage, but i am also going through debt management with community law due to my credit cards. owe approx £15,000

what are the chances of the morgage company allowing me a new mortgage on a cheaper house? any options?

please help

Jujutsu123

Cant seem to get rid of the debt management link, not sure how it got their? is it a bug?

Let_Us_See

None!

However, talk to your lender and make sure they understand your circumstances and your wish to co-operate. Offer an interim payment that you CAN afford, even if it seems very little, may help. It is just your expression that you are trying to solve your problem. Unless work picks up there is little you can do in the short term. Best of luck with work.

Thrugelmir

Jujutsu123 wrote: »

what are the chances of the morgage company allowing me a new mortgage on a cheaper house? any options?

With no guaranteed income and already in a repayment plan. There's no possibilty.

To be frank. You need to appraise your finances. What is achievable. If there's no possibility of a regular wage. Then sell up and rent. Clear the debts. As you are already on the slippery slope of losing all your equity.