Please Please Help - What Do I Do?

Jennifer_Jane

Could you lengthen the term of your current mortgage to as long as possible (with, of course, the intention or remortgaging or repaying well before the term, as you would obviously pay ultimately much more for your house by having a longer term).

But it might help you out until your circumstances get better, or until the fixed rate finishes in May 08.

JJ

cattie

If you are struggling financially with the mortgage & have a spare room, could you not take on a lodger untill the mortgage penalty period is up?

I'm not sure where you live, but many uk cities have language schools/agencies that seek host families for students that are here for periods of a couple of weeks up to 1 academic year. You are free to ask the school or agency to find other accomodation for student if for any reason things are not working out.

It is a brilliant way of making your home help pay for itself & when I hit hard times a few years back & in danger of losing my home, it helped keep me afloat. I had only good experiences with students I should add.

Good luck anyway & please don't feel like a failure. Bringing up a child alone without help from his father is a difficult & worrying situation, I know as I've been there. You are far from being a failure in wanting to sort out the security of a permanent roof over your head for the two of you. You are being a very good parent in giving good solid thought to coping with the financial situation that could affect both your futures negatively.

planetm_2

Hello evreyone,

Thank you so much for all of your advice and suggestions. I have decided to take on a lodger as "cattie" suggested and not remortgage. I am still so worried about how high my mortgage will rise over next 11 months and what fixed rate deal I will be able to get in 11 months time but if I can stay afloat and try to better my financial postion in the meantime to pay off my debts, than this is agreeably the best option. That is the hard part as it is hard to see a way out of the debt when I am just getting by at the moment. Thank you again for helping me see things clearly and not making a huge financial mistake.

lynzpower

planet,

why not hop over to the debt free wannabee board, we can check over your outgoings and give you support at getting the most out of the money you do have xx