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Further lending mortgage runs to term
BestGirl_2
Posts: 1 Newbie
Help needed!
Have a mortgage currently on interest only (oustanding £120,000) house worth around £150,000 - debts left over from divorce £70,000 (all unsecured, most in joint names but I'm the only one paying, have taken all on and arranged all on interest free repayment plans - will take forever to pay I guess but I'm trying). House still in joint names, no knowledge of ex's whereabouts - do know he has no employment, no maintenance received for children. My earnings at £30k pa. Credit rating - would make you cry!!!
Mortgage has 14 years left (currently at interest only with overpayments added each month for varying amounts).
Mortgage in two parts - main bulk (£110k) and 2nd further borrowing with balance at £10k - just had letter saying this now due in November. I haven't got it, I haven't got savings and I don't know my options, have I got any? Will they extend term? add it to the bulk? I'm scared to talk to lender with such bad history (although have been very honest so they know all about issues including I'm managing to make payments on my own - my file is a mile high etc.)
Long term plan was get children through school and college, let mortgage term run, pay as much during term as possible then sell up, downsize (rent) and pay off remainder of mortgage/debts. This £10k being up now is worrying and unexpected (I just don't remember why I would only take this out for 10 years but I obviously did! Didn't pay attention to annual mortgage statement other than final figure hence unexpected - just didn't realise).
Any advice please?
Have a mortgage currently on interest only (oustanding £120,000) house worth around £150,000 - debts left over from divorce £70,000 (all unsecured, most in joint names but I'm the only one paying, have taken all on and arranged all on interest free repayment plans - will take forever to pay I guess but I'm trying). House still in joint names, no knowledge of ex's whereabouts - do know he has no employment, no maintenance received for children. My earnings at £30k pa. Credit rating - would make you cry!!!
Mortgage has 14 years left (currently at interest only with overpayments added each month for varying amounts).
Mortgage in two parts - main bulk (£110k) and 2nd further borrowing with balance at £10k - just had letter saying this now due in November. I haven't got it, I haven't got savings and I don't know my options, have I got any? Will they extend term? add it to the bulk? I'm scared to talk to lender with such bad history (although have been very honest so they know all about issues including I'm managing to make payments on my own - my file is a mile high etc.)
Long term plan was get children through school and college, let mortgage term run, pay as much during term as possible then sell up, downsize (rent) and pay off remainder of mortgage/debts. This £10k being up now is worrying and unexpected (I just don't remember why I would only take this out for 10 years but I obviously did! Didn't pay attention to annual mortgage statement other than final figure hence unexpected - just didn't realise).
Any advice please?
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