Redundant..What NOW !

dr_macd_99

Ok the Mortgage is a little to much to continue paying (shortly) anyway.
So what do i do.
1) Approach them and ask if i can reduce my payments, ( the house is now up for sale so I wont be paying forever any way) the downside i guess is that it will go on my credit record.
2) could i get another cheeper quote for a mortgage only aised on my wifes job

3) Shoot myself...hahah only joking :rotfl:

Any thoughts

Dr_macd_99

herbiesjp

If on repayment mortgage, get it put on to interest only as a short term solution - this should bring down your payments.

Have you got an unemployment policy tucked away with the mortgage papers - if so you may be able to claim, so have a look.

meanmachine_2

Sorry to hear that Doc.

Yeah, first stop tell your mortgage company. They can be remarkably amenable in these cases. Just don't stop paying or bury your head in the sand.

Also, don't make any rash decisions - look at switching to interest only, and also extendign the length of the mortgage...all short term measures to ensure you keep the house.

Scott

Have you got any loanguard? Quite a lot of people pay for this but never claim on it. Phone up your mortgage provider and ask.

Have you got a flexible mortgage? If so, you may be eligible for a payment holiday (of up to six months).

If you haven't gone into arrears yet, you might consider switching to interest only for a period. I'd inquire into this first, since if they know you're having financial difficulties they may say no. This would make your payments only what the interest is.

You may like to extend the term, which would lower the payment, but I'd avoid this unless absolutely necessary, no need to stay in debt for longer.

Last option is to ask them to take 1/2 payments or whatever for a few months, but you'd need to repay this afterwards and it'd affect your credit rating.

If I think of any other avenues, I'll come back .