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mortgage ticking away !
JM64
Posts: 1 Newbie
I am wondering if anyone can help me. I took out a mortgage 8 years ago and its only a 15 year mortgage. Its only an interest free mortgage. Because I'm self employed it doesn't look like I earn much on paper due to the amount of 'allowances and expenses' that I can put down. My mortgage company, Mortgage Express, stopped taking new mortgages a couple of years ago and therefore will not extend my mortgage. I have never missed a mortgage payment and can easily pay my mortgage. My problem is that in 7 years my mortgage will have finished and I will not have paid a thing. It is impossible for me to get a mortgage elsewhere due to the low figures on paper. I also work from home, so not only will my family be homeless but i will also be jobless as well ! All I want to do is to try and find a way to extend my mortgage and make it a repayment mortgage which I would then be able to clear in 15 years. Has anyone any suggestions for a desperate mother and childminder ?
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Comments
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Can you overpay?0
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If you can overpay your mortgage monthly that is the same effect as having a capital repayment mortgage.
Any amount you can overpay now will reduce the problem later.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What rate of interest are you currently paying on the mortgage?0
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