stu wrote:Thanks Scarlet for your informative and hearty response. Much appreciated, it will really spur me on to take the right steps forward
Stu i was just being brief and realistic. it is an unfortunate position you are in I know the stressof a hefty mortgage and no means to meet the repayments howver in this situation when you break it down these are your options.
There is a large 2nd hand resales market hee for property do try to use it for your advantage.
You said you like the property and so will be sad to lose it, but the truth is you can always repurchase in there when your situaion as improved - or get a job - or speak to the developer/financer about your situation and ask if they can hold payments for 3-6 months.
Banks do this when people get preganant/go on holidays etc they have systems in place for holding tje loan.
You are going to be their sucker for 25 years so they dont care about giveing you a few months breather.