Interest only mortgage help

unicorn8991

Hi all, I took out an interest only mortgage 19 years ago and am now stuck in negative equity and coming to the end of my term. 

I have tried remortgaging but without luck and have also been told nothing replaced endowments so I can’t do anything that way. 

I have even tried claiming on a mis-sold mortgage but this was rejected. I feel totally trapped and don’t know what to do next. My mortgage has gone up over £200 in the last few months and if I sell my house I won’t be able to get another. 

Any help would be great 

silvercar

I’m curious, what part of the country are you in where house prices are lower now than they were 19 years ago?

silvercar

Do you have an endowment mortgage currently? If so, that must be due to mature soon, so you could put the maturity amount down to reduce the mortgage and take out a new lower mortgage.

RM_2013

we were in a similar position as redundancy and job losses meant we had to switch part of our mortgage to interest only.  Fortunately we’ve made money on our original purchase so our plan is sell our house.  Pay off the mortgage and that still leaves enough for us to pay off all our debts and have a decent deposit on a new place - which as the debts will be cleared we can now afford a repayment mortgage.
Has the price of your property not risen? We bought 19 years ago and our property has increased over £100k