Interest Only Mortgage - ending 7 years

[indistress 1]

Hi

 

I'm after a bit of advice.

I am currently interest only on my mortgage and owe approx 63000. This ends in 7 years. I am in no position to remortgage. Because of my poor credit rating and type of house I'm in.

As I know this 63000 needs to be paid. What is the best way. Do I up my monthly payment to my mortgage company or save up over the 7 years. (I actually thought I had longer)

 

Thank you

[honeybee13 4,490]

Hi.

 

 

Have you spoken to your mortgage lender? They should be able to advise on the best way to reduce or pay off your mortgage.

 

 

 

They might also consider converting your loan to a repayment one, possibly extending the term of it to make the payments lower. I think it's going to be difficult for people here to advise you in depth because you won't be able to put that much information on an open forum.

 

 

HB

[dx100uk 9,537]

Well if your credit rating is poor now in 6yrs if all your debts are defaulted they should not longer show.

 

Many co.s now do extension on int only mortgage s

[indistress 1]

I am currently with acenden who I believe is going to Kensington from 1st December.

I didn't know that could be done in extending your mortgage to pay it off.

I probably wait until Kensington take over before I ring them.

Just wondered if anyone could speak of their personal experience

[dx100uk 9,537]

Oh god 2 of the worst lot to be with

Their mortgages are designed to make you fail from day one

 

I see you already know this...

https://www.consumeractiongroup.co.uk/forum/showthread.php?463799-Acenden-repossession-court-order

[ericsbrother 3,537]

what collateral do you have in the property?

If it is worth substantially more than the debt you should be able to transfer your mortgage over to a proper lender and then pay it off as a normal repayment mortgage.

 

How old are you?

If you are under 50 most of the big banks will be happy enough to lend to you but many smaller lenders wont want to offer you a good deal with a poor credit record.

 

Also, is property freehold or leasehold?

If the latter how long left on the lease?

makes a difference to their attitude as well.

Edited November 13, 2018 by dx100uk
spacing

[indistress 1]

Oh god 2 of the worst lot to be with

Their mortgages are designed to make you fail from day one

 

I see you already know this...

https://www.consumeractiongroup.co.uk/forum/showthread.php?463799-Acenden-repossession-court-order

 

Yeah. My arrears are now cleared. So. Owe 63000 including 8000 costs theyve added onto my total of 55000

[indistress 1]

what collateral do you have in the property?

If it is worth substantially more than the debt you should be able to transfer your mortgage over to a proper lender and then pay it off as a normal repayment mortgage.

 

How old are you?

If you are under 50 most of the big banks will be happy enough to lend to you but many smaller lenders wont want to offer you a good deal with a poor credit record.

 

Also, is property freehold or leasehold?

If the latter how long left on the lease?

makes a difference to their attitude as well.

 

I'm 41.

Now your talking mortgage terms, I don't understand. I was. Blindly signed into the mortgage I didn't know at the time of. Signing what I was signing. Mortgage advisor was useless.

I live in a bisf property which is very hard to get a mortgage for and at the time it was preferred mortgages. In which I get annual statements from them. But my payments have been made via acenden

I'm probably better off going to a trusted mortgage advisor.

[dx100uk 9,537]

you need to get an sar running

get all the statements and get back any penalty fees they've charged inc any insurances building/contents /PPI

the ONLY ins you must have is buildings

if you already had that then they must refund their compulsory one if they've charged you it.