We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Interest only mortgage help
unicorn8991
Posts: 4 Newbie
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
0
Comments
-
I’m curious, what part of the country are you in where house prices are lower now than they were 19 years ago?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
-
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 £100k0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards