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15% shared equity and 10 years
Hi all. I seen a link to this site when researching sercured loans. I have getting my self into a bit of a pickle with money. 8 and a half year ago me and my partner got our own house but we got a 85/15 scheme... at the time it was great 10 year to pay back 15% EASY but now I'm at this stage where I have a number of other debts and no savings to pay back the 15%. I was looking along the lines of sercured loans to pay off the 15% and consolidate some of my other debts which would easy cover the monthly payments. What other options do I have I still have 1.5 year to pay it back shame I didn't think about this 8 year ago.
TIA for any reply
TIA for any reply
0
Comments
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You'll need to list out your debts, equity, and income as a minimum to get any meaningful advice.0
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Secured loans are risky as it's against a property but you know that, if you can't keep up with the payments the house will be at risk, not sure if it's something you could do with it being a shared equity house.
Have you looked at your spending to bring it down ?0 -
House is worth 100k I owe 92k
2 catalogues with roughly 4k owed - £200 a month
1 loan roughly 2.5k owed £225 a month
1 car paying £250 a month
I will earn around 47k this year with out my wife's salary
Cheers0 -
Yeah I can cut back plenty on my spending I'm not struggling month to month I have just left it far to late to save the 15kish0
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I also forgot 2 credit cards with around 4k and 100 a month min payment0
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It will be clearer if you list out amounts owed, including the two mortgage amounts, in a single post, rather than monthly repayments.0
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Mortgage owed 92000
15% owed around 15000
Credit cards 4000
Catalogue 4000
Loan 2500
Car 6500 but I'm thinking of handing my car back after the half way period of the loan0 -
The £92k you owe on the house, does that include the £15k you owe?0
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No I owe 92k on the house plus 15% currant value which is no more than 100k0
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Has the house dropped in value since buying it?
If so, are you sure the 15% is of the current value not the value when bought?0
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