is my house safe?

muppetscotland

After posting SOA and speaking with national debt.line we have written to all our unsecured creditors explaining our income has plunged and we need to make smaller payments. Also asked them to freeze interest. One had already defaulted but we have written to them anyway. Also making token paymenta to all until things are settled.

So far so good....however, I have a nagging fear of losing our home. We have a mortgage which is not in arrears nor in any danger of being. Also secured loan which I up to date. We have an 18 yr mortgage with Skipton. I realise we won't get a new mortgage with default and reduced payments but have no reason to seek one as on a good fixed deal for 5 years. DOES THIS MEAN OUR HOUSE IS SAFE? WILL OUR MORTGAGE LENDER NOT CHECK OUR UPTO DATE CREDIT FILE AND DROP US? I know this is what credit card lenders do from time to time which is why you sometimes get rate hikes, so of course my mind is in turmoil worried that is what mortgage lenders do too.

Thank you.

National_Debtline

Hi

Your mortgage and secured loan lenders are both bound by the terms of the agreements for the whole term, so your house is safe as long as you keep up with the contractual payments.

As you say, your credit history showing defaults may make it more difficult to get a new mortgage deal with a low interest rate.

James
@natdebtline

another_casualty

The 'only' problem you may encounter, is if you decide to remortgage in the
Future as some lenders won't touch people in your situation.
If they do, your interest will probably be a lot higher.
I think you have a fixed term anyway? So you have nothing to worry about