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Pay the Morgage or debits
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Based on the fact that you have not paid repayments (other than interest) over the last 10 years - I also would come to the assertion that you do probably will never be able to afford it. The best indicator of future performance is your past performance.
Just because the mortgage provider never challenged what you are doing, it does not mean that it consented to what you were doing. Lending is not a right, and if you are in breach of your agreement with the lender they can call in the loan at any time.
You suggest that you were going to sell at the end of the term. Why should a lender wait that long because that is more convenient for you. I think the best option for you is the voluntary assisted sale option.
Don't disagree with anything you've written but I never asked for an opinion on what has past, I asked what you would do in my situation and, eventually, you answered it, thanks.0 -
I think it's almost impossible for us to tell what the best option would be for you. It depends on your full circumstances - but I wouldn't advise you to post your full circumstances on a public forum.
You've suggested that at some point you might be in a position to repay the debt. That suggests that you're expecting your income to increase, your expenses to reduce, or that you'll receive some capital somehow. If I were you, I'd take account of which one of those was true, how likely it was to happen, and when it was likely to happen.
In the short term, if you want to keep your house you need to either reduce your expenses or increase your income. How far are you away from being able to pay the lender £1200 a month? If not far, then increasing the term might be a possibility.0 -
I think it's almost impossible for us to tell what the best option would be for you. It depends on your full circumstances - but I wouldn't advise you to post your full circumstances on a public forum.
You've suggested that at some point you might be in a position to repay the debt. That suggests that you're expecting your income to increase, your expenses to reduce, or that you'll receive some capital somehow. If I were you, I'd take account of which one of those was true, how likely it was to happen, and when it was likely to happen.
In the short term, if you want to keep your house you need to either reduce your expenses or increase your income. How far are you away from being able to pay the lender £1200 a month? If not far, then increasing the term might be a possibility.
You don't need to know the full history as it is just that, history.
A couple of my major debits end in Oct next year and I would be able to then afford it, just, however, although I have explained this to them and they have access to my credit file, they are on a determined path. One thing against this route would be that interest rates will rise before Christmas this year (if not very shortly after) and I may find my self back in the same position.Thank you for your opinion.
I am very much leaning towards AVS I can not really see any negatives in the process.0 -
You don't need to know the full history as it is just that, history.
I agree. Just as the lender will base any decision on today not the future. You had a year's notification. So sufficient notice to make plans. Nor is the lender making a fight of it. Simply daily business to them. Hence my earlier comment.0 -
Thrugelmir wrote: »I agree. Just as the lender will base any decision on today not the future. You had a year's notification. So sufficient notice to make plans. Nor is the lender making a fight of it. Simply daily business to them. Hence my earlier comment.
Yes I know what you meant, again, thanks for your input.0
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