Advice needed for reMortgage

droopy1

After the sale of an inherited house, I have a lump sum.
My husband is long term sick due to sudden total blindness.
Our house is £260k and we owe £120k on it.
Our mortgage cists us £1000 per month. Its killing us. We now have a lump sum which will reduce our mortgage amount. By half. BUT.
AT 4.99% in our current NRAM mortgage, we need to reduce it desperately but no one will give us a new deal.
Any one got any thoughts how we can help ourselves?

EssexHebridean

Have you found out why nobody else will touch you with a deal? Are there other things on your credit file which are causing you issues - do you have other borrowing, maxed out CC's, are you in overdrafts?

You need to go through everything with a fine toothed comb in my opinion as it may be that there are better places that this lump sum could go - or at least a proportion of it - that will improve the picture sufficiently for you to get a better deal from another lender.

Sorry to hear about your Husband too - that must be unbelievably terrifying for you both. Have you checked that he is getting any benefits that he is entitled to?

It might be a good idea to put together your SOA if you've not already done it - as that may help you to pin down your overall spending in your changed circumstances.

droopy1

Thank you for your response. And kind words.
We have no ccjs no debts, mortgage up to date.
We tried NRAM but they were no real help, just give the money, and they will reduce our monthly payments. Will not change the interest rate or our mortgage in any form. We are a risk they say. Because my husband is on sick pay! (Still employed)
after hours of phone calls, and family chat, we decided to keep our nestegg, sell up, and buy smaller. Our kids understand!
Feeling better with a plan. 2017 will be better.

National_Debtline

Hi

I think it’s worth you speaking to a ‘whole of the market’ mortgage broker. They should be able to advise you on which mortgage lenders you may be able to borrow from and how much of the lump sum to use.

EDIT - crossposted with droopy1

In the short term you could ask your mortgage lender whether they can allow you a mortgage payment holiday, or even an interest only mortgage, until your husband can get back to work.

As EssexHebridean says, your husband may have some benefit entitlement. It’s worth him enquiring about Personal Independence Payments (PIP).

www.gov.uk/pip/overview

He can check any other entitlement with Turn2us.

www.turn2us.org.uk

James
@natdebtline

another_casualty

There is a company called reach financial services, who were recommended to me via payplan . They specialise in loans / mortgages for similar circumstances to yourselves . Similar to charcol .
Everything is 'affordability ' these days .
Good luck