HELP!!!! how can i access my equity?

carolss

I think i'm a unique position House worth £200,000 £20,000 mortgage paying last bit of repayment mortgage so virtually no interest, pension worth £180,000 I'm 45 so cant access pension on low income £167 paid employment a month work p/t as I am a full time mature student in second yr of degree.
have equity as you can see but bank even wanted garantor for £1000 loan!!!!!!!!

House is pretty poor state no maintenance for bout 6yrs needed money to feed n clothe myself and four children. was married for 21yrs divorced for 7

housing the 5 of us in 3 bed semi 3 young men in one bedroom is not good :-( no I dont have another room I can convert, would if I could!!

Please give me light at end of tunnel totally fed up with struggling HELP!!!!!!!!!!

carol x

Conrad

Carol you say you are fed up struggling, so how will increasing your monthly outgoings with a bigger mortgage help?

brummybloke

sell your house and move somewhere cheaper?

seems the easiest option to me, you sell on the house, possibly rent for a while until you find a house which is cheaper and has enough room.

you may have to compromise on where the house is but if things were always easy, we would all live where we want in the best house ever with more money than we could imagine.

carolss

I wasnt necessarily saying I want a new mortgage just a few options would be good. I am currently paying £570 for my mortgage and can afford that!

carolss

If moving was that easy I would have done it. Moving is so expensive i would have to move right out of the area and I have one child bout to start her GCSE's and do not want to move her and one going to college so would need to still be able to get there. Plus I am about to go into my third yr at uni and couldnt do both

beecher

carolss wrote: »

I wasnt necessarily saying I want a new mortgage just a few options would be good. I am currently paying £570 for my mortgage and can afford that!

To access the equity while staying in your existing house, you'd have to up your mortgage. Don't understand why your mortgage is £570 if it is only a £20,000 mortgage either - I pay under £400 for a mortgage more than double yours.

Perhaps you could post details of the mortgage you are on at the moment? ie how many years do you have left to go on it, and what rate of interest are you paying?

carolss

two straight repayments at £288.88 and £33.47 6.49% and 8.49% respectivily and a secured loan is £211 (not quite 570 nearer 530 in total) dont have details of this soon to be ex-hubby gets info and lender wont send to more that one address LETS not go there!!!!
mortgage paid off in 2010 and loan 2012 I know thats not far away but with oldest son moving back home pretty cramped.
I am paying almost all capital n no interest so would be silly to re-mortgage this. I wont be able to get mortgage anyway because of my low income.
Dont think there are any options just wishful thinking
:-)

brummybloke

carolss wrote: »

If moving was that easy I would have done it. Moving is so expensive i would have to move right out of the area and I have one child bout to start her GCSE's and do not want to move her and one going to college so would need to still be able to get there. Plus I am about to go into my third yr at uni and couldnt do both

there are lots of things people dont WANT, however as it stands you can either continue how you are doing, get a loan or remortgage which will possibly mean an increase each month in the amount to pay back, an increase in the length of the loan and to be honest, if you have little income coming in, you have not much chance of getting a mortgage anyway.

OR

sell and then rent , which seems the most logical option.

it may well be an inconvenience, life sometimes isnt easy but if you dont wish to continue doing what you are doing then something has to change.

you have to weigh up...struggle on in your own home where you want to live OR sell up, have plenty of dosh in your pocket, be debt free, rent where you want and concentrate on your family and studies and hope that once you attain your qualifications, you get a job with large enough salary to buy where you want to live.

beecher

Can your son contribute to the household bills? Or your soon to be ex? I know it must be difficult, but you're going to be in a much stronger position in a couple of years when the loan/mortgage is paid off, you're earning and your children are a bit older. Hopefully someone will come along with some suggestions for you - have you made sure you have all the benefits you're entitled to?

carolss

looked at properties to rent. bout £1,300 a month so £530 save cause mortgage will be paid off! how much interest will i get from equity bout 170,000 onced moved?

beecher

brummybloke wrote: »

sell and then rent , which seems the most logical option.

.

selling and renting is never going to be the best option for someone who has paid off so much of their mortgage. I'm only half way into mine and renting would cost me £200/month a more.