Quizzes & Puzzles1 min ago
Secured Loan Hell
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My Partner has a flat with a mortgage of �80K and 2 secured loans 1 for �15K and 1 for �27K. The property is only worth about 120K at the moment. He is paying �1180.00 per month on all of the above. Does anyone know of any company that would considor a remortage taking into account my earings etc and reducing the monthly payment. He also has terrible credit rating with 2 CCJ's. We are just stuck now it seems I am 25 and want to start a family but cant as we only live in a 1 bedroom 2nd floor flat. There must be something we can do??? Thanks x
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For more on marking an answer as the "Best Answer", please visit our FAQ.I guess this is stating the blindingly obvious, but the normal way to reduce the total outgoings is to consolidate a higher rate of interest paid on secured or unsecured loans into a mortage. But since the total of all these loans equals the value of the flat, no mortgage company is likely to want to do this - too risky for them in the event you defaulted.