Would this work

Big_John_246

Some years ago I sustained a back injury at my employment, this injury lead to long term sick leave and I was told that I needed an operation on my back.:(

I was laid off by the company; I was told I will be off work for some time; I ended being out of work for around 5/6 years and to survive we got credit cards and accumulated a debt of just around £22,000; we also cashed in the two endowments that we had with the mortgage to help us financially.

I have been back in work for some years now, we knew we had to get the mortgage sorted out as we had cashed the two endowments in when I was out off work, we contacted the bank who we have our mortgage with to see if they would help sort our mortgage out, but they would not help, surprise surprise they don’t care about the small man in life, to worried about there bonses.

We only have 7/8 years left on our mortgage and will not have the funds to pay it off when the endowment comes to an end due to being out of work for 5/6 years because of a work related injury.

We are looking at down sizing next year, we don’t want to but it’s a case of having to; my son will finish school next year so will be a good time to move as it will no interrupt his schooling. Next year the debt that we had of £21,000 will be down to around £5,000, which we are well pleased how well we have done.

My age is 51 and my wife is 50, I am looking at retiring at around 65/66, our joint income at the moment is around £20,000.

My mortgage is for £67,000 and my property is now worth around £180,000 to £190,000, so my equity will be around £113,000 to £123,000.

Would I be able to get a repayment mortgage for around £30,000 to £40,000? For between 10 to 15 years, this would make the monthly repayments very manageable, I have had a look on the web and seen that you can get fixed rate mortgages for 10 years, is this correct?

I have had CCJ in the past and I believe I have a charge over the house.

So would be looking for a property in the price range of around £150,000 to £160,000.

libf

You need to speak to a broker. The situation is far too complex for anyone to give you a reasoned opinion without considerable digging.

somethingcorporate

The above advice is spot on, this is certainly one for a broker.

It doesn't look impossible but like everything the devil is in the detail and you will need a local broker to go through everything for you and not waste applications for banks that would never accept your situation.

Thrugelmir

Formulate a proper plan, detail the numbers etc. Then arrange to meet with your current lender. As they may well assist you under their obligation of duty of care. The more pro active and better prepared you are. The higher the chance of success.