High equity, low mortgage debt

jeggs

Hi.
I am in the process of maybe being repossessed. I have a good equity in my house, probably over £200,000 and owe under £30,000, my interests payments are £55 per month. I am about £900 behind.

Easy to sort out if I could get a job, but unemployed at the moment. I have bad arthritis in my knees, so when employers find out they do not want to know. I'm also over 60 which doesnt help. There are plenty of jobs around here, but all labour intensive jobs. I also have other health problems.

So my mortgage company [who has been patient] is going through the process of repossession and maybe eviction. But they are trying to avoid it if possible.
I am willing to sell the house and downsize because of my health problems, but thats something I cant rush into at the moment.

I was wondering if anyone has any thoughts or ideas of what I can do to sort it out, maybe pay my mortgage off ect. I did think about some form of equity release, but dont want to give all my equity away.

Is the anything low interest I can take out that would pay my mortgage off until I sell it in a year or so? Or any other ideas?

Thank you.

Machastwin

I don't have an answer to your question, but just wanted to say I'm sorry you're having this problem, and I hope you get something sorted soon so you don't have to worry about it any more. Best wishes.

jeggs

Machastwin wrote: »

I don't have an answer to your question, but just wanted to say I'm sorry you're having this problem, and I hope you get something sorted soon so you don't have to worry about it any more. Best wishes.

Thank you.

Hopefully I can get back into work and solve my problems. But all my jobs in my younger days were heavy lifting and driving jobs which I can not do anymore. Not easy trying to go down a different route.
Thanks :T

csgohan4

Downsize is an option you will have to look at realistically if you can't raise the funds, as have a repo on your credit file may make it difficult for you to rent

dimbo61

Can you rent out a room and use the money to repay some of the mortgage debt
Can you claim any benefits

ACG

You could do equity release for the £30k, you dont have to do it for all of the equity.

WillowCat

Are you claiming jobseekers allowance or universal credit? How far are you into the 39 weeks that you have to wait for mortgage interest relief? Although it's a loan now rather than an outright payment it might help.

Do you have any old pensions hanging around that you might be able to draw upon? Presumably even if you could just pay off the £900 arrears then the mortgage company would call off the dogs?