S
Shay2011
Guest
Im a 31 year old guy working in a semi state organisation. Like most people my salary has been cut since 2008.
I purchased a two bed appartment in June 2008 for 290K which is only worth about 140K now. My Interest rate is 5.45 % with "Haven".
Im really struggling to make payments the mortgage is over 50% of my income and along with all the bills I have very little left over to live.
I really cant go on making these payments as it is an excessive burden especially since it is likely that I will receive a 10% pay cut in the new year. Im just wondering what options are available to me.
Is handing the keys back an option ? and is it likey that "Haven" will seek the full outstanding arrears. Is there any way that I could renegotiate my interest rate to say 3.5 % as this would make a significan difference? I know they will recommend interest only but this is not really a viable option to me as this would be only about 240 less than Im paying at the moment.
Also could I argue that the Haven was negligent giving me this mortgage in the first place as it was a 95% mortgage and it was over 40% of my income back in 2008 which has risen to over 50%?
Any feedback would be greatly received.
I purchased a two bed appartment in June 2008 for 290K which is only worth about 140K now. My Interest rate is 5.45 % with "Haven".
Im really struggling to make payments the mortgage is over 50% of my income and along with all the bills I have very little left over to live.
I really cant go on making these payments as it is an excessive burden especially since it is likely that I will receive a 10% pay cut in the new year. Im just wondering what options are available to me.
Is handing the keys back an option ? and is it likey that "Haven" will seek the full outstanding arrears. Is there any way that I could renegotiate my interest rate to say 3.5 % as this would make a significan difference? I know they will recommend interest only but this is not really a viable option to me as this would be only about 240 less than Im paying at the moment.
Also could I argue that the Haven was negligent giving me this mortgage in the first place as it was a 95% mortgage and it was over 40% of my income back in 2008 which has risen to over 50%?
Any feedback would be greatly received.