Help...near repossession...need advice!

time2Bfree

This is my first property which I bought for 200K with a 20K deposit but interest only mortgage!!! I had to move out and rent it because I went back to uni but due to tenancy nightmares, I am seriously in arrears and have reached the court stage. Tried to sell it so got an extension on the repossession but buyer has pulled out and I'm stuck!! I'm self-employed but have poor credit history. Don't want 2 lose the property but not sure what my best options are. Remortaging will only give me 85% of the value (not enough to cover arrears + penalty), should I go down the secured loan route? Need help/advice from anyone and everyone........

Details

Outstanding mortgage £187,791
Early repayment Penalty 6%
Max Current value £220,000

herbiesjp

There are lenders that coud potentially go up to 90%.

However this needs discussing in details with a whole of market broker

There are too many permutations based on what your scenario could be, but in theory you may have a few optiosn available to you, assuming your income is enough to support the mortgage being requested.

Are back living in the property or is it still being rented out? If so what rent were you getting on the property?