Hello. I'm new to this

sdooley

DRS1ONE wrote: »

I am Aslo with NR. My situation is much worse.
I have a mortgage of 115000 plus a unsecured loan of 28000 both with NR.
it gets worse......
I also have other unsecured debt totaling 37000. Total debt including mortgage 180000.
My fixed rate mortgage ends Feb 09. Do I have a chance in keeping my house?
Total income between me and my wife is 47000 per annum.

Current property value 130000.

Will anyone give me a mortgage?

You are likely (although getting real advice from CAB would help) to be better off staying in your house and in all probability better off remaining with Northern Rock.

The good news is you have a good chance of keeping your home, though. Even if you were paying an average of 9% interest on all your debts (and you should definitely focus on paying down the highest rate debts first), that would "only" amount to £1,350 per month - which sounds like a lot but you should be ok with joint net incomes probably over £2,800 (though tight if you have children - if you do, make sure you are getting all the tax credits to which you are entitled). You have to cut back and focus on how you arrived at such levels of unsecured borrowing though - don't repeat this!

Transferring savings to begin to clear debts is probably essential if possible, if not you will be constantly swimming to just keep your head above water.

The "easy option" of selling will likely make matters worse for you as your NR loan remaining will rocket in interest as will the rates you can obtain on your other unsecured borrowing. Plus you will have to pay rent somewhere!

Good luck