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Lloyds will not help me
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xmas123
Posts: 20 Forumite
My fixed rate ends 31.1.24 at 1.49%. My mortgage term ends in 1 year 1 month. They do not do a fixed rate for this 13 months.
It is a interest only mortgage and they are putting me on 8.74%
Can anyone advise me please. They totally refuse. I'm up to date with payments. House is up for sale.
Any advice
It is a interest only mortgage and they are putting me on 8.74%
Can anyone advise me please. They totally refuse. I'm up to date with payments. House is up for sale.
Any advice
0
Comments
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Why do you want a fix if it's up for sale. Surely it would incur an ERC if it sold?3
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Why not mortgage it over a longer period and then overpay?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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I'm not sure I'm doing this right. The house is on the market as I have tried everything to remortgage but because my income has lowered Im not able to pass the affordability check. My husband died 2010, so just my income now.0
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I have asked them to extend the term they won't0
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Is this your main residence? If so, why is it interest only?xmas123 said:I have asked them to extend the term they won't
Extending the term doesn't solve the problem that you are not actually paying off the mortgage. What plans do you have to pay the mortgage off when the term ends next year?
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Can anyone help at all. Payments from £400 per month going to £2336.00
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Went to interest only when husband died. I would sell the house0
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Can only suggest you speak to a mortgage broker.2
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I have no joy.
What would Martin Lewis say?0 -
xmas123 said:Can anyone help at all. Payments from £400 per month going to £2336.00Are Lloyds offering you any alternatives to the variable rate at all?A 12 month Tracker for example would be better than the variable rate, but if they are not offering you any alternative products at all then it is time to do your best to get the house sold and to let Lloyds know that you are going to be unable to pay the mortgage in full each month (assuming that is true).Do keep paying at least what you've been paying and preferably more if you can afford it, but be proactive in letting them know what is happening and that you are actively selling the house.Once you have sold the house will you be able to buy a new property from the residual proceeds, or will you need another mortgage?Obvious reason to ask is that if you are unable to pay the current mortgage and you get into arrears then you are going to struggle to get a new mortgage in the short term...3
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