Hi there I hope someone can help with my major dilemma.
Basically I bought a property on an interest only mortgage..( yes I can hear all the sighs, 'oh dears' and 'that was a silly thing to do' comments).
The outstanding balance on the mortgage currently is £195,000 with an additional £25,000 secured loan attached to it.The plan was to consolidate and convert to a repayment mortgage after a couple of years, well circumstances changed and I just haven't been able to follow it through.
The problem is both my husband and I are over 50, he's 57 and I'm 53, retirement is looming close, we have no savings whatsoever, I think we have approx. another 13 years for the mortgage to run. Between us we take home around £1,900 per month. Our mortgage payments per month is £486.00 and £270.00 per month for the secured loan.
We really need some serious help on this. One option obviously is to sell up and move somewhere cheaper but we would like to know if there are any other options, any schemes or plans available to us so that it wont get to that.
Thanks everyone in advance.
HELP!!!!!
Basically I bought a property on an interest only mortgage..( yes I can hear all the sighs, 'oh dears' and 'that was a silly thing to do' comments).
The outstanding balance on the mortgage currently is £195,000 with an additional £25,000 secured loan attached to it.The plan was to consolidate and convert to a repayment mortgage after a couple of years, well circumstances changed and I just haven't been able to follow it through.
The problem is both my husband and I are over 50, he's 57 and I'm 53, retirement is looming close, we have no savings whatsoever, I think we have approx. another 13 years for the mortgage to run. Between us we take home around £1,900 per month. Our mortgage payments per month is £486.00 and £270.00 per month for the secured loan.
We really need some serious help on this. One option obviously is to sell up and move somewhere cheaper but we would like to know if there are any other options, any schemes or plans available to us so that it wont get to that.
Thanks everyone in advance.
HELP!!!!!