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help with re-mortgage
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choccy999
Posts: 49 Forumite
Hello,
I was wondering if anyone has any opinions on this? Feedback wouldbe appreciated.
I am on a DMP with Payplan and my mortgage fixed rate is up in Oct, so I called up Who's Lending who are a sister co of PP to see what my options are.
Total unsecured debt is approx £8 and my mortg is currently £83k on interest only 6.39%, monthly payments £444.
I thought that it would give me a chance to clear the debt with the equity in my house, but they said that they could lend me up to £98k interest free, but only £83k repayment on my current salary, so they have advised me to approach my current lender to see if I can get another fixed rate with them and to contact them if my circumstances change??? I doubt I'm going to have a whopping payrise sometime soon.
I feel a bit miffed as I thought that they would help sort things out, but have said that they can't really help.
My feelings on this are not good. I'm getting the feeling that selling the house is going to be my only option, as from the payments, I am never going to own it as I will only be able to afford interest only and will have to keep stretching the term to make it cheaper and I'm in my 30's already!! I have thought of the lodger option too, but at the moment my house is in need of decoration which I can't afford to get done either.
Anyone have any pearls of wisdom to share?
Many thanks,
Choc
I was wondering if anyone has any opinions on this? Feedback wouldbe appreciated.
I am on a DMP with Payplan and my mortgage fixed rate is up in Oct, so I called up Who's Lending who are a sister co of PP to see what my options are.
Total unsecured debt is approx £8 and my mortg is currently £83k on interest only 6.39%, monthly payments £444.
I thought that it would give me a chance to clear the debt with the equity in my house, but they said that they could lend me up to £98k interest free, but only £83k repayment on my current salary, so they have advised me to approach my current lender to see if I can get another fixed rate with them and to contact them if my circumstances change??? I doubt I'm going to have a whopping payrise sometime soon.
I feel a bit miffed as I thought that they would help sort things out, but have said that they can't really help.
My feelings on this are not good. I'm getting the feeling that selling the house is going to be my only option, as from the payments, I am never going to own it as I will only be able to afford interest only and will have to keep stretching the term to make it cheaper and I'm in my 30's already!! I have thought of the lodger option too, but at the moment my house is in need of decoration which I can't afford to get done either.
Anyone have any pearls of wisdom to share?
Many thanks,
Choc
0
Comments
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Choccy
Can you post on the mortgage board as you may be able to get some advice on there.If you've have not made a mistake, you've made nothing0
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