help needed, as can't afford mortgage

[h8_Halifax]

hi,

 

i am an unemployed single parent with one child. my mortgage lender has been allowing me to pay interest only, paid by the DSS, for a few years but now wants to end this.

 

i live in an area of high unemployment with very little hope of getting any job that would allow me to pay my full mortgage.

 

my outstanding mortgage is only about 25% of the value of my property.

 

what are the pros & cons of releasing some of the value in my property so that i can use it to clear my mortgage please?

[honeybee13]

Hello there, I'm sorry to hear that you have problems.

 

I'm not sure what you're asking about releasing some of the value of your property. Are you planning to sell off some of it, say?

 

My best, HB

[lookinforinfo]

I think you are referrin to the Equity Release system. To qualify you must be at least 55. You can Google "Equity Release" for more information if you are of the right age.

[Lea_HTH]

hi,

 

i am an unemployed single parent with one child. my mortgage lender has been allowing me to pay interest only, paid by the DSS, for a few years but now wants to end this.

 

i live in an area of high unemployment with very little hope of getting any job that would allow me to pay my full mortgage.

 

my outstanding mortgage is only about 25% of the value of my property.

 

what are the pros & cons of releasing some of the value in my property so that i can use it to clear my mortgage please?

 

If you are of working age, you probably won't qualify for equity release, and therefore what you are asking about is a secured loan, which you'd have to find the money each month to repay. Have you considered asking the local authority for help? They may be able to advise you on the mortgage rescue scheme, whereby it is possible for a housing association to buy a percentage of your property and rent it back to you (because your mortgage is only 25% of the value, it would be a very small part that they buy and it would create shared ownership - if your house is freehold, as most houses are these days, then they might not be interested, but it's still worth investigating).

 

You could try renting out a room to earn extra money if you have the space.

 

The alternative is, of course, to sell.

[Lea_HTH]

Sounds like you could have a potential compensation claim!! if you got your property through the right to buy scheme or used a broker you could claim negligence against the solicitor AND being mis sold your mortgage, which could bring you thousands of pounds in compensation (as you are obviously experiencing hardship).

 

Just google >. My friend used them to claim for her mis sold mortgage !!¬

 

And in your other post today your 'friend' claimed for a miss-sold mortgage. Story straight.

 

To the OP - you can safely ignore this 'advice' - the likelihood of you, or anyone else really, managing to prove a miss-sold mortgage is slim to none.