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Missed Payment

Posted on 5 June 2010 by Heather Byrne


We have a property worth approx £240,000, our mortgage payments are £1,500 and we are 1 month in arrears.We owe approx £98,000.  I am 62, my husband 60. He has health problems and was made redundant from a well paid job in construction 2 years ago. We have a bad credit record due to a previous failed business.  I earn around £45,000 plus £20,000 pension and £5,000 state pension.  My husband has £5,000 teachers pension.  I am afraid we will loose our house and want to move the mortgage into my name and find a more reasonable rate. GE money current mortgage provider will not extend term due to age. I s there anything I can do to make sure we remain in our home?  Will anyone consider over 60's for a remortgage?

Heather

I regret that with a poor credit record it is highly unlikely that you will be able to remortgage, yet alone secure a better rate than you have currently.

You must concentrate on making sure that your mortgage payments and any other bills, such as utilities are met so that you do not lose your home.  This will mean having to prioritise your expenditure and there is help available to do this.

I recommend that you speak to GE Money on 0800 316 1642 (Monday - Friday 8am to 8pm, Saturday 8:30am to 5pm, Sunday 10am to 5pm) and also contact Citizens Advice and/or one of the Credit Counselling Services. Their contact details can be found on GE Money's website under Keeping Up Repayments.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.