Response to mortgage for lesser amount to reduce outgoings

Its relatively easy to get another loan with three missed payments: this is the market the specialist lenders serve. But. getting the loan will cost you money and youre better off putting that money into paying off your current debts, not acquiring bigger debts. Try to sell the house. If the lender resists, see a lawyer or the Citizens Advice Bureau  you have the right to sell even if you are in arrears and have a plan to pay off the excess debt but some lenders will swear till they are blue in the face that you dont.

Once youve sold, then look at buying the smaller place. Rent if you have to, but clear the debt. Youll still find it easy to get another mortgage. See this sites material on this in the Blacklisted? and Homebuying sections.

Abbey Head Office: Abbey House Baker Street London NW1 6XL

Managing Director is Andrew Pople

Good luck,

Lee

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