Switching from Mortgage to IO

GregStarz

To be deleted. thanks

matchboxfull

I don't know much about switching to IO, but reading your post it sounds like you're about to go into a bit of a critical financial situation. Even if switching your mortgage was the best option for you it's likely to take a while and it seems like you need help now.

Why not come over to the Debt Free Wannabe board and explain your situation there? People are very friendly and can offer advice about monthly budgets. It doesn't have to be about debt per se (although you say you have a credit card so maybe you'll want to talk about that too).

When you list all your monthly outgoings some are more important than others. Your mortgage (or rent) is a priority outgoing, since it's the roof over your head. The people over on DFW can help you understand how to deal with your other outgoings so that you can ringfence money for your mortgage and other priority bills.

csgohan4

Have a look at the debt free forums on ways to maximise your current income and reduce spending as well

Thrugelmir

Better to default on unsecured rather secured debt.

Have you spoken to the card companies to see if they'll accept lower amounts.