I hope someone can give me a bit of advice.
My husband lost his job a while back. we have used savings and my salary to pay all bills up till now but really have no excess funds left to cover all the bills from january onwards.
Our mortgae is under £40,000 and at the last valuation our house was valued at £95,000. My income is just over £30,000 PA. My idea was to remortgage and take extra borrowing to cover personal loans etc( around £16,000). However, following advice on this site I used Zoopla and that showed that our house is now worth around £68,000.I dont agree with this but, if it is right I am now thinking that we wouldnt have enough equity to get the new borrowing we would need to survive until my husband finds another job. ( At which point we planned to make overpayments to the new mortgage).
I have spoken to our lender on seceral occassions but have been given conflicting advice from everyone I spoken to.
Can anyone advise if property prices have fallen so drastically.
PS I cannot afford to pay for a valuation if Im not going to be able to secure a new mortgage anyway.
Thanking you all
My husband lost his job a while back. we have used savings and my salary to pay all bills up till now but really have no excess funds left to cover all the bills from january onwards.
Our mortgae is under £40,000 and at the last valuation our house was valued at £95,000. My income is just over £30,000 PA. My idea was to remortgage and take extra borrowing to cover personal loans etc( around £16,000). However, following advice on this site I used Zoopla and that showed that our house is now worth around £68,000.I dont agree with this but, if it is right I am now thinking that we wouldnt have enough equity to get the new borrowing we would need to survive until my husband finds another job. ( At which point we planned to make overpayments to the new mortgage).
I have spoken to our lender on seceral occassions but have been given conflicting advice from everyone I spoken to.
Can anyone advise if property prices have fallen so drastically.
PS I cannot afford to pay for a valuation if Im not going to be able to secure a new mortgage anyway.
Thanking you all