Mortgage Woes
seventy4
Posts: 5 Forumite
I am hoping someone will be able to give me sound advise so i can at least try resolving this depressing issue. DH and I have a mortgage of £230000 and a second charge mortgage of £80000. we are paying interest only on the mortgage but cant afford to pay anything towards the second charge. The second charge is increasing by about a £1000 a month in interest and currently stands at £123000 outstanding.
The repayment figure on the second charge is £987 a month and arrears of over £30000.
I hope to start making repayment soon but was wondering if i can get the interest frozen or reduced. I work but DH is out of work and really struggling to make ends meet.
any help or suggestion please? house is worth about £230000 or less.
The repayment figure on the second charge is £987 a month and arrears of over £30000.
I hope to start making repayment soon but was wondering if i can get the interest frozen or reduced. I work but DH is out of work and really struggling to make ends meet.
any help or suggestion please? house is worth about £230000 or less.
br or stick with iva0
Comments
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Hi seventy4, thank you for your query regarding mortgage woes
I would suggest you seek debt advice asap as it is likely possession action will be iniated soon in your case by the second charge lender (I am presuming from your post it is a secured loan not a charging order for an unsecured lender). A debt adviser can look at your options with you taking into account all your circumstances but if your circumstances are not likely to improve in the near future you may want to consider selling the property voluntarily to limit your liability but your second charge lender will have to agree to the sale of the property if it will be sold for less then the amount secured on it as is likely in your case. To prepare for a debt appointment I would suggest you gather all paperwork for all your debts including the mortgage and secured loan and original agreements if you have them along with a detailed income and expenditure (including proof of income) and credit reports if you can get them.
Hope this is of assistance.“Official CAB Representative
I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe I’ve broken any rules please report my post to forumteam@moneysavingexpert.com as usual"0 -
Thank you for the reply to my post. I am not sure where to find a debt adviser, if you can refer me to one. I live in sidcup, greater london. br or stick with iva0
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Hi seventy4
You can find your local Citizens Advice Bureau at https://www.citizensadvice.org.uk and they will either have a specialist debt adviser or be able to refer you to one.“Official CAB Representative
I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe I’ve broken any rules please report my post to forumteam@moneysavingexpert.com as usual"0 -
How did you manage to borrow an additional £80k against a property already mortgaged to 100%?0
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