i called today to pay my monthly payment and got chatting the the lady on the phone.
im in a bit of a sad place when it comes to property. in Aug 2007 the housing high i took out a 101% mortgage 180K repayment mortgage and 12K unsecured loan. for a property worth 190K
due to the housing market getting wild my place is now worth 180k with people looking in the area
iv missed a few payments over the years and my current balance is 191.5K 179K and 12.5K iv been on a downer thinking if i walk away from the property then im going to be left with a big bit of money owed as they will sell it for cheap.
further to discussions today only the 179K is fixed on the house and i can just take the 12.5K with me as a loan its like £49 for 30 odd years remaining and i can over pay with no penalties (rate will change to 8%). this means now that if i do chose to move on and just rent the property i would like then i could sell up for the 180K pay the mortgage and acknowledge the 12.5K loan at £49 month.
knowing this now i do not feel trapped in my home and its given me a bit of good news knowing that im not paying for nothing and things should be good in 4 years when CCJs are gone and im really in some equity.
its crazy now its easier for me to move (less the 12K ) i dont want too and feel better about it all.
im in a bit of a sad place when it comes to property. in Aug 2007 the housing high i took out a 101% mortgage 180K repayment mortgage and 12K unsecured loan. for a property worth 190K
due to the housing market getting wild my place is now worth 180k with people looking in the area
iv missed a few payments over the years and my current balance is 191.5K 179K and 12.5K iv been on a downer thinking if i walk away from the property then im going to be left with a big bit of money owed as they will sell it for cheap.
further to discussions today only the 179K is fixed on the house and i can just take the 12.5K with me as a loan its like £49 for 30 odd years remaining and i can over pay with no penalties (rate will change to 8%). this means now that if i do chose to move on and just rent the property i would like then i could sell up for the 180K pay the mortgage and acknowledge the 12.5K loan at £49 month.
knowing this now i do not feel trapped in my home and its given me a bit of good news knowing that im not paying for nothing and things should be good in 4 years when CCJs are gone and im really in some equity.
its crazy now its easier for me to move (less the 12K ) i dont want too and feel better about it all.