Help with a plan of action

alamaya

Hi all,

Recent events have me enquiring for help.

I live in a mortgaged house with NRAM. Im stuck with them at the min. Our incomes lower than when we got the mortgage, we are on the SVR. Our house is worth £110k, Our mortgage is £103kish and we have a unsecured loan of around £11k.

We were planning on just gradually reducing and one day getting a bigger house but we have hit a snag. We have a 5 month old poorly boy. (Quick run through, brain bleed, seizures, severe reflux, tube fed, physically delayed). The house is no way big enough now. His medical supplies alone are filling his room. My daughters room is full of stuff we cant fit anywhere else.

Should I accept I need to sell, pay the difference and hope someone will rent to us?
Or would there be a chance in hell of being able to buy another house?.

Sorry if im being vague.

Im just not quite sure what I need to do or the best things to try. Obviously reducing mortgage but ew don't have much spare cash as with my sons issues my husband is home looking after him and works every sat and I work full time.

Building_Surveyor

Sorry to hear about your predicament.

If your income is less than when you got your current mortgage, how will you sustain a bigger mortgage on a lower income? That's the first question you need to ask yourself

alamaya

Hi,

Im not after a bigger mortgage. I want to move back to where I grew up and houses are generally 20k cheaper. Same number of bedrooms but bigger rooms. Currently in a new build with no room to swing the proverbial cat xxxx

Thrugelmir

Do you have any savings?

Building_Surveyor

is extended or a loft conversion not an option?

alamaya

absolutely no savings at all.

cant extend as theres nowhere to really extend. Our gardens so small. In the middle of the most congested new build estate ever. Also don't have the money for a loft conversion and if im honest I don't know how we would get up there. Theres a whole on the ceiling but I have no idea where additional stairs would go

ValHaller

alamaya wrote: »

We have a 5 month old poorly boy. (Quick run through, brain bleed, seizures, severe reflux, tube fed, physically delayed). The house is no way big enough now. His medical supplies alone are filling his room.

Sorry to see this. Before jumping to solutions, perhaps it would be helpful to know what the long term looks like for your son. This will determine whether you can ride this one out and what sort of solution you should look for.