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Almost certainly not.Is handing the keys back an option ?
Did that not give you pause for thought that it might not be such a good idea to take on such an onerous debt?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%?
Did that not give you pause for thought that it might not be such a good idea to take on such an onerous debt?
Might be worth posting in the Money Makeover forum with details of your overall financial situation so that people can get a better idea of what sorts of suggestions might be useful to you.Im a 31 year old guy working in a semi state organisation. Like most people my salary has been cut since 2008.
What is the term of the loan?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".
As mentioned above more specific details might help - e.g. your net income, mortgage (and related) repayments, other debts/repayments, regular bills and other expenditure etc.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.
If you are finding it difficult to meet your mortgage repayments then you should (a) review your overall financial situation and (b) approach the lender explaining the situation and looking for options on restructuring the loan to make it viable long term (assuming that's possible).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.
By how much are you in arrears and how many repayments have you missed (in part or full)?Is handing the keys back an option ? and is it likey that "Haven" will seek the full outstanding arrears.
How come? You are not long into your mortgage so repayments should still be largely interest and not capital.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.
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.
If money is "just vanishing" then what you really need to do is keep a detailed spending diary of all income and expenditure for a few weeks/months to find out where it is actually going.I hate to rain on anyone as I understand that although the budget says your left with 432 that most months it wont work out to that with little 5euros theres and 10euros here..it just vanishes.
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