End of term Mortgage

drdaz1

I have a mortgage that is nearing its "end of term" with a company called Mortgage Express. Unfortunately my credit rating is not very good at the minute & consequently I am unable to get another mortgage any time soon! I am desperate to keep hold of the property. Has anybody got any ideas what options might be available to me? many thanks.

Thrugelmir

Have you spoken to Mortgage Express to ascertain your options?

Is your mortgage interest only?

Mortgage Express is now part of NRAM who are winding up the old B&B and Northern Rock mortgage books so the options maybe fairly limited.

drdaz1

Yes it is Interest only. I have spoken to them & they gave me a further 3 months to resolve the matter. I have until the end of January to come up with a solution...

Jhoney_2

Sorry if this is a silly question, but by 'end of term' do you mean:

The end of the 25+ year mortgage term or...

The end of your fixed period of 2,3 5 years on x rate?

Thanks

Thrugelmir

drdaz1 wrote: »

Yes it is Interest only. I have spoken to them & they gave me a further 3 months to resolve the matter. I have until the end of January to come up with a solution...

Then you may have to consider selling the property if the mortgage is at the end of it's term. Though this may be an opportunity to get your wider financial affairs into order.

Jhoney_2

Thrugelmir wrote: »

Then you may have to consider selling the property if the mortgage is at the end of it's term. Though this may be an opportunity to get your wider financial affairs into order.

:think:I hope it's just the fixed term as by all acounts OP has been on IO for decades, is hoping to resolve this is 2/3 of the way through what may be last chance saloon and wants to retain the property.

Come back OP, please tell me it's just the fixed term. Please.:huh:

Dave_Ham

I will make an assumption that this is end of term, as cannot believe anyone is end of fixed term with mortgage express.


Firstly sure you have taken advantage of a particularly low rate for the past circa 5 years, although they are unlikely to do anything further than they have.


Few questions to answer first and then we can determine if/what a potential likely solution, or at least an opinion.


What is the mortgage value, property price and do you live at the property?


Then worth establishing how bad your credit is as you not thinking you can achieve a mortgage and you not being able could be two different things.


If not achieved credit file, then worth doing this to ascertain what, how, when and how much are the negatives listed.

drdaz1

yes it was for a fixed period. (5years)
the Mortgage is roughly 68k.
property is worth in the region of 75k.
No I do not live at the property. it is Tenanted.
Thanks.

Jhoney_2

Thank goodness for that.:beer:

Nightmares not applicable then.

drdaz1

sorry Jhoney ive been out for the afternoon.

Dave_Ham

Apologies, I do not think my question was clear enough.

Is the end of your mortgage now, or just the fixed deal?

If the end of the mortgage as I suspect, then I think you have no options I am afraid.

You just do not have enough equity for a but to let product, aside from anything else.

Best of luck though