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Help Re mortgage/switch products with arrears?
Seasalt18
Posts: 17 Forumite
Hi Long time lurker looking for some help/advice please. A bit complicated and feeling a bit trapped although could sell house.
We have mortgage arrears. Husband was made redundant, got back on track for two months and then covid arrived, hit our income again. We didn't get any help and struggled.
Mortgage with Nat West who couldn't offer us I/O or extend the term. Both our cars which cost us £8k cash a year before died at the same time.
Our product had ended and we are now on the SVR increasing the mortgage by £250 approx per month to £1350 approx. Most of which is capital repayment. We have no savings left and cannot access any credit because of mortgage arrears.
I tried in Jan to switch products when ours coming to end and was advised we couldn't do it. However I rang them back and now have an appt for switching products. But am nervous will be told again can't be done??
So I am 54 currently unemployed but seeking work. Husband is 61 now earning £50k plus £5k (2 small pensions). We cannot access the pension for a lump sum or trivial pension because of some equalisations cases?? going on for women and this pension is caught up in that. We have been asking for 2 years but they don't seem to be moving forward.
We have two large defaults over 6 years old - we were just agreeing settlement figures in March 2020 when our income went into freefall. So continue to make minimal payts
We have no CCs or personal loans just a 4K OD
My understanding is we can't do equity release as I am too young and even if I get a job Nat west cannot extend the mortgage based on me anyhow. I am not getting interviews depressingly.
Is it possible to re-mortgage to someone else who could extend the term? The mortgage is for £148k approx and has 8.5 years to run? The LTV according to Nat west is 39% .
To add to complications we were renovating the house when redundancy struck Major jobs are done but does need new kitchen etc We could just decorate and patch up if needs be.
Should we switch products (fingers crossed we are allowed) and hang on hoping I get a job? How long would it take to rebuild credit?
Step change advised to do that and then maybe look at equity release in a year.
Any advice really would be appreciated thanks. We have been muddling around now for quite a while and need to really get a grip and get a plan.
thanks
We have mortgage arrears. Husband was made redundant, got back on track for two months and then covid arrived, hit our income again. We didn't get any help and struggled.
Mortgage with Nat West who couldn't offer us I/O or extend the term. Both our cars which cost us £8k cash a year before died at the same time.
Our product had ended and we are now on the SVR increasing the mortgage by £250 approx per month to £1350 approx. Most of which is capital repayment. We have no savings left and cannot access any credit because of mortgage arrears.
I tried in Jan to switch products when ours coming to end and was advised we couldn't do it. However I rang them back and now have an appt for switching products. But am nervous will be told again can't be done??
So I am 54 currently unemployed but seeking work. Husband is 61 now earning £50k plus £5k (2 small pensions). We cannot access the pension for a lump sum or trivial pension because of some equalisations cases?? going on for women and this pension is caught up in that. We have been asking for 2 years but they don't seem to be moving forward.
We have two large defaults over 6 years old - we were just agreeing settlement figures in March 2020 when our income went into freefall. So continue to make minimal payts
We have no CCs or personal loans just a 4K OD
My understanding is we can't do equity release as I am too young and even if I get a job Nat west cannot extend the mortgage based on me anyhow. I am not getting interviews depressingly.
Is it possible to re-mortgage to someone else who could extend the term? The mortgage is for £148k approx and has 8.5 years to run? The LTV according to Nat west is 39% .
To add to complications we were renovating the house when redundancy struck Major jobs are done but does need new kitchen etc We could just decorate and patch up if needs be.
Should we switch products (fingers crossed we are allowed) and hang on hoping I get a job? How long would it take to rebuild credit?
Step change advised to do that and then maybe look at equity release in a year.
Any advice really would be appreciated thanks. We have been muddling around now for quite a while and need to really get a grip and get a plan.
thanks
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