Question regarding kensington extension?/or options?

diannecro

Hi thankyou to all replys in past,
Have posted before about options regarding outstanding mortgage approx equity 300k mortgage intrest only 142k only 5 years left so no way to pay.
Have spoken to broker who applied to abbey who aip on credit searchs but I checked application form and abbey will not do ex bankrupts however long ago so I wouldnt allow to go any further .
Back to square one, our current mortgage is with kensington we have to reapply through a broker if we want to extend, will this be a nightmare?
They write every couple of months reminding us how long we have to go!
As Dave said in earlier reply we will have only approx 17 Years which on repayment will double our payment.
Any options or lenders than would be worth contacting please let me know.
Thankyou for the invaluable info this forum provides.bankrupcty 6 years plus
small satisfied default on husband from aug 2007

Dave_Ham

Hi,

Rather than trying to deal with this yourself, you may find it easier to engage a broker and let them deal with this for you.

They will then understand your exact circumstances and weigh up the opportunity of staying with Kensington vs finding another lender.

There are lots of unknown variables, but you certainly do not need to be considering Abbey/Santander as they were never going to entertain this.

All the best

diannecro

Thanks Dave
Did try broker route but i hasten to add I didnt suggest santander.
apparently they approached aldermore £1260 A month impossible amount .
Think I will have to leave for a while longer this is not good for sleep patterns!
Thankyou anyway

Dave_Ham

There will potentially be lower monthly payments than that out there, although you need to be realistic given the jump from interest only to repayment is going to hurt you more the longer you leave it.

The alternative is downsizing of course when the interest only term ends.

Good luck