Serious Housing Problem

happyfella
happyfella Online Community Member Posts: 519 Empowering
edited March 2024 in Housing and independent living
My wife and I live in a property where our mortgage was taken over with more than ten thousand other mortgages by engage credit. Our mortgage since being sold to them has jumped from 5% to today 10.5% which is unaffordable.

We have spoken to a mortgage broker and they have said that we cannot remortgage due to affordability and basically due to our ages. My wife is retired and i am 52.

Does anyone know of any options available for us. We would love to move if we cannot get a new mortgage on the property. The house is too big for us now but sadly we don'thave enough in the property to go out and buy a smaller one.

Does anyone know anything about the part buy scheme where you buy part of a property, or any other solutions available. We are worried that the interest rate will continue to go up.

Comments

  • poppy123456
    poppy123456 Online Community Member Posts: 63,174 Championing
    Shared ownership is possible in your situation. See link. https://www.gov.uk/shared-ownership-scheme/who-can-apply There's also lots of other information in that link so please do have a read and you may find it helpful. 

    There's also a scheme called "HOLD" for those with long term disabilities, if they can't find a home that meets their needs through shared ownership. There's more information here on this. hold

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