thank you very much.

Hello, this is my first thread, so apologies in advance for any mistakes made. I am currently in a re-mortgage quandary with my property. it is my first home and I took out the mortgage, through a broker, with G MAC. I had not repaid small debt on time as a teenager and had no credit since and as such had a poor credit score. the property I purchased was worth £107,500. on the fifth Oct 2007. I did not need a deposit as I offered the seller £98,000 the equity was to be my deposit, I think this was referred to as a ''vendor deposit'' or ''gifted deposit''? I was repaying around £595 per month interest only, a figure I was not made aware of until after I had moved in, I was led to believe that it would be around £400 per month. I did not provide any proof of income. my partner left me within the first month and I was unable to honour all my commitments, I also took things with difficulty personally and lost my job. I fell in to nine missed mortgage payments in areas and got a charge for £4000 from welcome finance. I did however turn things around, I made payment plans and got a suspended warrant of execution for repossession in June 08. I have been up to date ever since. G MAC then offered for me to consolidate my areas in to a new mortgage balance of £118,000, I was being charged £50 per month areas fee, and it seemed like a good idea at the time. so I consolidated. Soon after my mortgage was passed to a new company called Paratus AMC. I have now come to the end of my fixed term and my mortgage follows the Libor rate. It seems to increase by about £10 every few months. Paratus have offered substantial discounts on my mortgage balance for me to transfer elsewhere but due to a less than perfect credit score and the fact that a similar property is now selling for £62,500 I am in a massive negative equity trap. I have now met someone new and we have a beautiful daughter together. the problem is that I cannot afford anything other than a interest only mortgage with Paratus' interest rates on a repayment of £118,000,( I am not sure if its fair that I owe this entire amount) I cannot sell the property and I cannot remortgage with another company. I cannot build, save or invest for the future, I don't want to go bankrupt but I don't know what else I can do, i've seen that bankrupts wipe the slate clean and end up with good mortgage deals again?!?!?! that's not right! I just want to owe and repay a fair amount on the property that I have. is there anything I can do?