Newbie in a mess please help!!

midgepink

Hi all,I hope you can enlighten me as im getting pretty stressed.im new to this so if its in the wrong place im sorry.
Ill try to keep this as short as poss but its a tad complicated!
My partner and i bought this house 2 yrs ago mortgage in his name only as im self employed. with a sub prime lender.We are now paying 10% due to fixed rate finishing and intrest rate rises and its crippling us. This year he has got 2 ccjs for £1900 in total and is 2 months in arrears with mortgage.we have a secured loan on the house.I have been told by a broker that if we pay our mortgage for 3 months on time and clear the arrears he can get us a 7% deal,this seems too good to be true as i think we are just waiting for the repo man and theres nothing we can do!
mortgage left £127500
Secured loan £20000
House worth £160000
partners income £23000

Mr_helpful

midgepink wrote: »

Hi all,I hope you can enlighten me as im getting pretty stressed.im new to this so if its in the wrong place im sorry.
Ill try to keep this as short as poss but its a tad complicated!
My partner and i bought this house 2 yrs ago mortgage in his name only as im self employed. with a sub prime lender.We are now paying 10% due to fixed rate finishing and intrest rate rises and its crippling us. This year he has got 2 ccjs for £1900 in total and is 2 months in arrears with mortgage.we have a secured loan on the house.I have been told by a broker that if we pay our mortgage for 3 months on time and clear the arrears he can get us a 7% deal,this seems too good to be true as i think we are just waiting for the repo man and theres nothing we can do!
mortgage left £127500
Secured loan £20000
House worth £160000
partners income £23000

This probably isnt what you want to hear but I would sell up

midgepink

Thanks for that. i just want an honest answer i dont want to pump another £6-7k into the house if its just going to be taken away.The houses in this area are not the speediest of sellers have you or anyone else any idea how long i have got to sell before the mortgage company take it?
Thanks alot for any help and advice.

Moggett

Have you tried contacting your existing lender to see if they will switch you onto a better rate rather than just paying the standard variable rate? The arrers probably won't help but if you can save 1 or 2 % it might make a big difference.

Kez100

Do a budget. An honest one. Work out what you can afford. Is it even likely you could secure a mortgage for that rate. If not, sell up.