Mortage Repayments with Haven Mortages Ltd

Redhouse123

Can anyone give me some advice on what I can do. I took out a mortgage in January 2006 for 240,000. I was on a fixed rate for the first couple of years and then when that term was up I was placed on a variable rate of 4.6% with a 1320.00 per month repayment. The current value of my home is 150,000. This is way beyond what I can pay and the last 2 months my direct debit was not paid. I spoke to Haven in November to ask if they could help and could they allow me to repay interest only for 6 mth, they sent me out a financial statement to fill out, which I did and sent back all the documents they requested. They sent me a letter six weeks later and explained that if I stopped paying all my other bills I should me able to make the payments on my mortgage. This I find complete madness - can someone give me advice on what I could do??? could I change from Haven and move my mortgage to another lender??? Any advise would be much appreciated.

NIMAN

In terms of you repaying your loan, its real worth now is not important to Haven.

If you are unable to make the repayments, then you should make an appointment to speak to them asap, and perhaps read some of this info
http://www.citizensinformation.ie/en/housing/owning_a_home/mortgage_arrears/
and contact MABS immediately. Their number is on that link.

Good luck.