Crippling Nemo Loan desperate for help

System

mocoates wrote: »

yes we have lots of other loans, I'm self employed and business isn't great at the moment

Might want to consider getting a job, even a part time one to run alongside your business until things pick up.

attila_

Hey OP sorry to hear about your situation - not knowing the t&cs but just a thought:

Any chance you could release equity from property to pay off loan plus early exit fees?

In terms of job, if self employed role is taking all your time I can see it will be tricky getting a job. However if you have time its certainly worth considering.

What’s the long term prospect for the self employed role? Its worth considering this closely as it closes up good opportunities for mortgage deals etc.
Good luck

mocoates

I know I said business isn't great at the moment but it's not dead, far from it. In fact I can manipulate it to make more money, which takes work and effort but it can be done. I'm not a trades person, I actually run a business from a premises with staff etc. The hot weather combined with rising material costs due to the current UK.European economical situation has caused a big dip for me.

I just one of those payments that comes around every month and smashes me in the face like a hammer at the wrong time.

But thanks for the mortgage advice, my LTV is very low so there is definitely room for movement and they where quite happy to change my mortgage recently to a lower rate for me, so that really looks like it could be an option.

Yes, we thought at the time it was a good deal to get out of our situation but I didn't really as much attention to the paperwork as I should have. However, I partly think that was lead by the person who got the loan sorted for us (my mortgage adviser at the time) and was glossed over.

Onwards, thanks for the help

obay

What is your LTV rate? and what do you pay on the current mortgage?
What is the interest rate of the mortgage also?

mocoates

LTV is about 55% mortgage rate is currently 2.2% fixed for 2 years repayment is £405 pcm (interest only)

takman

mocoates wrote: »

LTV is about 55% mortgage rate is currently 2.2% fixed for 2 years repayment is £405 pcm (interest only)

How are you planning to pay off the capital at the end of the term when a small £300 monthly payment causes you so many problems?

mocoates

Thank you for your concern, that's covered. I don't need to go in to details

Lioness_Twinkletoes

A floundering business, a large secured loan that you're struggling to pay and an interest only mortgage....I see trouble ahead.

Edi81

If you aren’t going to go into details then the help that people can give you here is very limited.
It’s going to be highly unlikely that your main mortgage lender (BoI) will lend you more on an interest only mortgage.
You need to pop over to the debt free wannabe board a post a SOA to see where you could save on other things.

[Deleted User]

mocoates wrote: »

Thank you for your concern, that's covered. I don't need to go in to details

Translated: I have no idea