Trapped in my mortgage !!

clarebear1000

tlc678910 said:

If you are looking to downsize beware of any early redemption fees that you might have to pay if you choose a new deal or take a new mortgage and then need to pay it back early.  On the standard variable rate I expect you are allowed unlimited overpayments so you can pay your mortgage back when you sell without penalty.

Yes indeed, that’s why I’m not jumping into a fixed rate at the moment  

enthusiasticsaver

What income do you have and how much longer is left on the mortgage?  How old are you?
Presumably your husband was only on the mortgage for an interim period after your separation so at some point you knew you would have to downsize. If your husband can no longer afford to help and you cannot afford something due to your low income then you will need to rent or maybe look at shared ownership. Not ideal.  Can you increase your income?  Do you work full time or part time? 

Thrugelmir

Ask the lender if you can temporarily move onto an interest only basis until the property is sold. 

clarebear1000

enthusiasticsaver said:

What income do you have and how much longer is left on the mortgage?  How old are you?
Presumably your husband was only on the mortgage for an interim period after your separation so at some point you knew you would have to downsize. If your husband can no longer afford to help and you cannot afford something due to your low income then you will need to rent or maybe look at shared ownership. Not ideal.  Can you increase your income?  Do you work full time or part time? 

Yes it was only ever meant to be temporary, being on tax credits limits the number of hours you work which limits my earnings. I’m self employed and employed all very part time, I’d hoped to get moved before I started to increase both. I’m 44, there’s 175k left on my mortgage, but I should have 200k equity in this property. I’m thinking to just stop claiming tax credits and go for it on the self employed but that won’t help me right now. 

getmore4less

Based on the information given 24y 4m left should be possible to get that down to £700pm with a 2 year retention deal..

Interest only won't help it is the onward purchase that is the problem if £50k+ can't be raised through mortgage

Choosing to work fewer hours to claim benefits is a choice it is not compulsory.

Get a decent broker on the case.

Another alternative is rental for a year