Advice wanted please....

dimbo61

Well an Interest only mortgage of £250,000 at 6% is £1250 a month.
Now depending on where you live you might be able to rent cheaper but then you have a "Landlord" and little control over your home.
I hope the lightbulb moment has happened and if you are earning £125K a year between you there is hope as long as you carry on paying off the debts.
No quick fixes and working hard to pay down the debts while using the MSE website to save money where possible

Muppet_With_Money

Our current mortgage payment is actually £855 pcm and our secured loan is roughly the same.

Total cost of the 'house' is in the region of £1700 pcm. We live in an expensive part of the country so rentals would not save us a massive amount of money, but selling up would allow us to clear the mortgage and the secured loan.

We have most definitely had the LBM - and have reduced our unsecured debt from £52K to £36K in the last 12 months, with more to come off in the next few months. I would ideally like to get on a repayment mortgage, but am unsure if this could happen with the secured loan? We should be able to afford the payments.

I just wish I had this wise head a few years ago, when all we did was spend, spend and spend.....!