Money troubles

[muppet]

It's hardly O'Neill's style to slag people in financial difficulty. He seems a civil cratur.

He's an attention seeking toolbag!

You are more likely to be he than the other him.

[trueblue1234]

Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?

[johnneycool]

Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?

I'd say the discounted period of your mortgage is finished and you'll go onto whatever their full rate is unless you can negotiate a further discounted period or go to another mortgage provider. At this point it would be prudent to speak to a decent financial adviser as well as the bank.

[quit yo jibbajabba]

Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?

some people can get pleasant surprises in that the rate theyve been paying the past couple of yrs is actually higher than the banks current standard rate, so its possibly not all doom and gloom chap.  As Rois said, interest only is an option, as well as negotiating a new deal.  If you dont ask, you dont get.
And just because youve been with the one bank for your mortgage etc doesnt mean you cant shop around; best get yerself chatting to a reputable mortgage/financial advisor;

Youre not near beat yet, you have a fair few options to be exploring.  So get off yer butt and get going, we want a report back by close of business today

[The Iceman]

Well the recession is really starting to kick in. Built a house on our farm land a few years ago. Mortgage taken for £120k. It's down now to bout £115k or so.  Also have a £10k loan with the bank. Mortgage up for renewal now.
Am self employed. And work has taken a bad dip. Struggling with payments for the mortgage and the loan. Now the mortgage is jumping up aswell.   
Selling the house would be a last resort as it's on our farm land ( that's if it could be sold to begin with!!)
so just wondering if anyone has any advise that may help? Considered taking out £10k more on the mortgage to clear the loan but as the value of the house has dropped don't think this will be an option now.

Not sure of your background trueblue but if I was in your shoes I would be reducing the other debts as much as possible. As someone else mentioned, cut off the sky subscription, gym membership, personal mobile phone plans can be switched to pay as you go. Get your finances in order and make sacrifices to get what you want. You don't have to do everything at once but bit by bit this will improve your situation.
Looking about another form of income will help too. If your self employed business has taken a dip then take on extra work at something else. Again, bit by bit will get it done.
There's no easy options, no easy answers. Small consistent steps and a bit of discipline will see you through this and anything else life throws at you......

[trueblue1234]

TBH don't have that many other costs. Freeview does me for the telly and don't go to a gym. The club training does that.
I'm on a contract with the phone but it's not costing a fortune and would use it for work. Have given up the going out as well at the minute.

Hopefully it might sort itself out. Have meetings set up with a couple of banks and meeting a mortgage adviser shortly as well.

Just wondering do Guarantors make any difference these days with regards to Mortgage amount. Luckly my parents are still around and they own land. They wouldn't have ready cash that they could lend me or anything but have said they would be happy enough doing this if it made a difference. Still think the best way would be to incorporate the loan into the mortgage and just have the one payment rather than two. I know I'll be paying more back in the long run but needs must and all that.

[Lady GAA GAA]

sure just get mummy and daddy to pay the whole whack and it'll save you the bother of all them appointments

[Maguire01]

Ask Bank if they'll let you switch onto interest only temporarily? Worth a punt.

And I wouldn't be too sure they wouldn't let you increase mortgage because of value of house - wasn't it just a self build mortgage ie just for actual cost of building? So valuation might surprise you.

Present bank with either option and let them choose.

Agreed. If the mortgage was to build the house, then with the land you still probably have substantial equity. And I don't think banks are as quick to repossess these days when there's no market for sales to recover their money. They'll probably be happy enough to switch to interest only for a while, or even push your term out to a longer period if they do that (even though that would cost you more in the long-term).

[trueblue1234]

sure just get mummy and daddy to pay the whole whack and it'll save you the bother of all them appointments

Nice to see your out of retirement.
Mammy and daddy don't have any money!!