In trouble trying to pay two mortgages

[youghal]

We are paying a mortgage on the original purchase of the house and took out another to build an extension one is a tracker( the main one) and the other is a standard variable. We have been on interest only on both for about a year, we are finding it all too much, now that ptsb rates are going up again. Is it possible to amalgamate these two loans into one or

can we sell, and get a cheaper house ( would we be given a loan) or should we just sell, cut our losses and rent.

 

[niceoneted]

It is very hard to give an opinion when the value, term, rates of these mortgages is not included. Also you do not say what your ability to pay is. Why not fill in the money makeover section where better advice may be given.

 

[Brendan Burgess]

As ted says, we need more information.

But amalgamation doesn't solve anything. It doesn't reduce the interest rate.

It's unlikely that you will get a loan if you trade down as you have been on interest only for a year.

Brendan