Help on renting or staying put

lacken12

Hello everyone ,

1st time user hope some one can help as i am getting near too desperate stage .Problem i have is mortgage has 4 years left to run of which most of it is covered by an ISA with the same bank , i also have an unsecured loan outstanding as well which runs for 8 more years .The equity in my house more than covers the outstanding debt .The problem i have is at the moment i am out of work but should be starting again in a couple of weeks but even so my wife's and my income will not cover the amount of outgoings needed per month to cover repayments as well as the normal domestic bills .So i am wondering wether to sell to one of these companys that buy your house and rent back to you ,but i understand this dodgy and would need to find out if there are reputable company's that do this so as to feel safe about doing this ,or are there any other ways of releasing some equity out of the house to clear the debt .Hope some one can help .

Thanks

DaiJoA

Does your mortgage as a whole have four years left, or just your current deal? If its just four years left as a whole, you'd be insane!
Is it not possible to extend your mortgage term? Ask the mortgage company for a payment holiday/swap onto interest-only for a few months? If you've built up that much equity you would be crazy to sell to one of these companies, the rent back option is very dodgy.

I'd look into every avenue with the mortgage company first, is there any way you can unlock the ISA and pay off the loan or some of the mortgage? I'm sure there's something cleverer people than me can suggest!!

lacken12

DaiJoA wrote: »

Does your mortgage as a whole have four years left, or just your current deal? If its just four years left as a whole, you'd be insane!
Is it not possible to extend your mortgage term? Ask the mortgage company for a payment holiday/swap onto interest-only for a few months? If you've built up that much equity you would be crazy to sell to one of these companies, the rent back option is very dodgy.

I'd look into every avenue with the mortgage company first, is there any way you can unlock the ISA and pay off the loan or some of the mortgage? I'm sure there's something cleverer people than me can suggest!!

Thanks for replying .
In answer to your question the mortgage as a whole is 4 years ,the unsecured loan which is nothing too do with the mortgage has 8 years .I understand i can not get extension on mortgage term because i have not been in continious employment for 6 months .