Lloyds will not help me

dunstonh

What would Martin Lewis say?

Lower the price of the house to speed up the sale.

alanyau88

dunstonh said:

What would Martin Lewis say?

Lower the price of the house to speed up the sale.

Use the We Buy Any House company to snap your house up with cash in your bank within one or two months.

xmas123

Yes there will be equity. 
They are uptodate with my situation. Apparently I'm in credit when I overpaid last year.
I will continue to make payments. 
They are not offering any other rate.
I cannot get a new mortgage,  but I'm hoping to go for a shared ownership. 
Thank you

ACG

They do not have to offer you anything. There are loads of people who will be unable to get a product with Lloyds - you are one of them. If they do not have a product that fits your situation they are not going to design one or alter their criteria for just one person. Im really sorry that will probably come across as horrible as it will especially considering the situation. But so much work goes into designing products that its just not viable for them to do what you want. 

If your house is not selling quickly enough you need to look at the price and see what you can do. 
There are lenders out there who may be able to do what you want, but its a case of whether or not it is worth it and in any event it wont be sorted in 9 days, you have left it very late in the day to ask for help.

If you have not already used it, you could ask for a payment holiday under the mortgage charter - but I am not sure if they would be able to do it. 

Failing that, speak to a broker. 

If you think your house will be sold and completed by March/April time, pay what you can. It will take more than 2-3 months for them to take you to court and what not anyway. Your credit report will take a hit and you will probably incur charges but they cant get blood from a stone as the saying goes. 

dunstonh

If you are in your 60s or older, then you could consider equity release if you do not wish to move.

MWT

dunstonh said:

If you are in your 60s or older, then you could consider equity release if you do not wish to move.

Always worth considering when it comes to dealing with the end of an interest only mortgage, but all too often the amount that can be released isn't sufficient to cover the balance on the mortgage...

In this case if the property is worth more than £1.2m it might be a solution... (based on the monthly payment and interest rate mentioned earlier and assuming age over 60)

Zoe02

Maybe sell at auction for a quick sale.

That is a massive rise. 

xmas123

ACG said:

They do not have to offer you anything. There are loads of people who will be unable to get a product with Lloyds - you are one of them. If they do not have a product that fits your situation they are not going to design one or alter their criteria for just one person. Im really sorry that will probably come across as horrible as it will especially considering the situation. But so much work goes into designing products that its just not viable for them to do what you want. 

If your house is not selling quickly enough you need to look at the price and see what you can do. 
There are lenders out there who may be able to do what you want, but its a case of whether or not it is worth it and in any event it wont be sorted in 9 days, you have left it very late in the day to ask for help.

If you have not already used it, you could ask for a payment holiday under the mortgage charter - but I am not sure if they would be able to do it. 

Failing that, speak to a broker. 

If you think your house will be sold and completed by March/April time, pay what you can. It will take more than 2-3 months for them to take you to court and what not anyway. Your credit report will take a hit and you will probably incur charges but they cant get blood from a stone as the saying goes. 

Thank you for your advice 

xmas123

I've enquired about equity release, not enough to do it.

I have been speaking to lloyds most of last year about my situation as I have my 80 year dad living with me, not in good health. 

Newbie_John

How likely it is that the house will sell in March/April? Have you had many viewings, has it been listed for a while now?

Mortgage broker will have clearer picture of your finances and could provide much better solution - we all guess here.

As things stand your bank won't offer you a better option, you are not likely to get better option elsewhere - so you need to prepare for the £2200 payments.
Either as @ACG wrote or think of way of getting about £10k from somewhere - do you have any savings? Can you sell something quick term like car? Get a short term lodger? Borrow from family, bank? 
Withdraw more money from your/your dad pension?