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Trolly-Dolly
Average Member
591 Posts |
 Posted - 13 August 2008 : 12:48:06
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Afternoon all,
Having a stressy fit again.
We are on a repayment mortgage (negative equity, so hopefully keep the house).
Can the OR make us switch to an interest only mortgage, to free up some disposable income?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 13 August 2008 : 13:07:12
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hi
you just asked how much negitive equity we had well long story!!
OR said they had no interest in the house at first then said they wanted a valuation. i just went to local estate agent and when the worked it all out they said they wanted £9.000.00 i nearly died we so wanted to keep the house. anyway with the credit crunch and all i payed and had a full valuation this as now put us in negitive equity. but what i will tell you is that they like to clear the house asap so if you are in negitive equity you should be ok the won't ask you to swop morgage. read your blog great reading !!
Tracey |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 13 August 2008 : 13:14:47
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Thanks Tracey,
When we were looking at an IVA in June, we had the house valued by 2 estate agents (in writing) and they came back with £120,000 - £130,000. We owe £127,000, so taking an average, that puts us in negative of approx £2000.
getting nervous now!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 13 August 2008 : 13:26:35
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dont be nervous everything will be fine, but i would advise getting a Charted surveyor it cost me £100. we were valued at 115, to 120, by estate agent OR took it as 118, surveyor was 105,put us right in negitive.
Tracey |
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John
New Member
United Kingdom
73 Posts |
Posted - 13 August 2008 : 15:41:47
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Hi DM
I agree with henrytc (tracey) although I might not go to the expense myself, if the agents valued at £120K and £130K I would go with £115K.
The housing is not moving and I don't think you'd get that figure any time soon.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 13 August 2008 : 16:02:00
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So perhaps see what the OR says then, if needs be, get it valued with surveyor?
P.S. will I get to meet you on tuesday John?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 13 August 2008 : 16:19:46
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Hi
alas not I'm afraid, but thanks for going along it's very good of you and a real help.
I hope you enjoy the TV cameras!
As for me, someone has to hold the fort I suppose!!!
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 13 August 2008 : 16:26:36
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Tv cameras?
Okay, gonna have to apply for a credit card now so that I can get a make-over for the cameras. How do you think the OR will view that?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 13 August 2008 : 16:41:20
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Haha! good one.
I believe they have their own make up artists so it'll be free!
You may end up on video in the TV section of this site!
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 13 August 2008 : 16:50:07
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Oooh what a treat for all these poor debt ridden, depressed people! Having to look at my mug!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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hammy0107
Junior Member
399 Posts |
Posted - 13 August 2008 : 17:19:46
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drowning-mummy,
If you had these valuations in June then you can most probably knock £3 to £5k minimum off the value the way prices have dropped since June. |
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Mortgage in BR question
