Mortgage Prisoner HELP

Thrugelmir

To help yourselves. Overpay the mortgage by whatever you afford to. Might seem as is you are going nowhere very fast. However over time the effect will grow akin to rolling a snowball along the ground. Make some sacrifices for a few months and scrimp. The pain will be rewarded with a gain.

BoGoF

You said earlier you have £1 - £2k left over every month. Where is it going?

getmore4less

Lot of debt commitment need presenting properly to get the car and caravan under business.

What's the full SOA look like is there really £2k a month spare?

What has been happening to that?
(paying debt will have used up some of it)

How many kids they will impact affordability.

If you started with £20k deposit how big was the mortgage?
£25k equity 12 years later does not look right unless interest only or further borrowing.

paulamarie76

The spare money paid for our 14K wedding last year and towards our Tennessee honeymoon and clearing minor bits of credit card debt to put us in the position of having none apart from cars and caravan. (Most of the honeymoon was free due to my job) Our total outgoings including the current mortgage (less child maintenance which I know they wont look at) £2200 Husbands nett salary is £1735 which leave £465 for my salary to cover, so yes there is around £1-2K depending on the month left over.

2 kids (7 and 15)

Mortgage was switched to interest only a few years back as the plan was to move but obviously house price crash and tighter controls on lending scuppered that plan. The house purchase price was £170K from memory I have lived here 12 years. It was a new build. No further borrowing has happened on the house.

To switch back to repayment with current mortgage company which is whistletree would add just over £300 a month onto what we are paying, plenty of other repayment mortgages out there which will mean we are paying less than we currently are on interest only. Still keeping fingers crossed this new broker can think of something for us.

Thrugelmir

paulamarie76 wrote: »

The spare money paid for our 14K wedding last year

In no way being judgemental. In life we all have choices. What we prioritise first and what we value the most. Being a prisoner amounts to being locked in or confined. Chooosing not to walk through an open door is something we all regret at some time in our lives. When we say "if only". Hindsight being something only humans could have invented.

csgohan4

Thrugelmir wrote: »

In no way being judgemental. In life we all have choices. What we prioritise first and what we value the most. Being a prisoner amounts to being locked in or confined. Chooosing not to walk through an open door is something we all regret at some time in our lives. When we say "if only". Hindsight being something only humans could have invented.

One also can choose not to splash out on an expensive wedding and honeymoon which is alot short than spending it on a house you want for life.

Knew someone who just got a few friends for the registry and went to Pizza hut afterwards, no frills and saved loads

BoGoF

paulamarie76 wrote: »

The spare money paid for our 14K wedding last year and towards our Tennessee honeymoon and clearing minor bits of credit card debt to put us in the position of having none apart from cars and caravan. (Most of the honeymoon was free due to my job) Our total outgoings including the current mortgage (less child maintenance which I know they wont look at) £2200 Husbands nett salary is £1735 which leave £465 for my salary to cover, so yes there is around £1-2K depending on the month left over.

2 kids (7 and 15)

Mortgage was switched to interest only a few years back as the plan was to move but obviously house price crash and tighter controls on lending scuppered that plan. The house purchase price was £170K from memory I have lived here 12 years. It was a new build. No further borrowing has happened on the house.

To switch back to repayment with current mortgage company which is whistletree would add just over £300 a month onto what we are paying, plenty of other repayment mortgages out there which will mean we are paying less than we currently are on interest only. Still keeping fingers crossed this new broker can think of something for us.

Ok, the wedding was last year so where has the money being going since....do you have any savings?

You seem blinkered to the fact that, based on your earlier figures, you have unsecured debt of approx £38,000 and paying over £1,000 per month to service it.

getmore4less

Your base finances don't look good.

Interest only mortgage.
Large debt.
No savings.

getmore4less

paulamarie76 wrote: »

The spare money paid for our 14K wedding last year and towards our Tennessee honeymoon and clearing minor bits of credit card debt to put us in the position of having none apart from cars and caravan. (Most of the honeymoon was free due to my job) Our total outgoings including the current mortgage (less child maintenance which I know they wont look at) £2200 Husbands nett salary is £1735 which leave £465 for my salary to cover, so yes there is around £1-2K depending on the month left over.

2 kids (7 and 15)

Mortgage was switched to interest only a few years back as the plan was to move but obviously house price crash and tighter controls on lending scuppered that plan. The house purchase price was £170K from memory I have lived here 12 years. It was a new build. No further borrowing has happened on the house.

To switch back to repayment with current mortgage company which is whistletree would add just over £300 a month onto what we are paying, plenty of other repayment mortgages out there which will mean we are paying less than we currently are on interest only. Still keeping fingers crossed this new broker can think of something for us.

The mortgage does not make sense

£170k £20k deposit £150k mortgage how long was it repayment what was full term.

When was "only a few years back" the change to IO?

£150k 40 year term 5% repayment it would have been under £144k in 5 years.

getmore4less

Bottom line.

Business debt needs structuring as business debt and presenting that way

probably should have sorted out the mortgage before the massive spending spree.