mortgage and personal debt problems

[mdj]

hi.im married in my mid 30s 2 kids.we bought our first hse in 2004 300k.in 2006 we bought a site for 150k and were approved for 280e mortgage to buy site and build hse on condition we would sell 1 or the other within 2 years.our plan was 2 sell new build.we have drawn down 190e and put in foundations we stoped after that because of the way the market is gone.we pay full mortgage on our family hse and interest only on site.this has been going on for over 4 years now and the bank have never mentioned it.we have other personal debt approx.65k which we are repaying just about.my wife works as a nurse in a permanent position 1 day a week and isnt allowed increase her hours due to the embargo but does agency work when she can get it.i lost my job n january 2010 no redundancy but am working for myself now earning approx 40k.the site is now valued at 20k even if we finish build value will only be 150k our family hse is still valued at 280aprox my questions are what would happen if we stop paying for site and give it 2 the bank we have no life now as everthing is going 2 pay our debts even when our personal debt falls interest rates will have gone back up so our mortgages will increase.we feel like were trowing money away on this site money we could be saving for our kids future

 

[wbbs]

Was the site/new build mortgage cross secured on your family home as well?


(very hard to read your post with no spaces or capital letters after full stops - not trying to be smart or anything, just found it hard work)

 

[niceoneted]

Firstly it is very hard to read your post so I suggest you edit it into paragraphs.

What about putting the house you have on the market. If it sells clear the mortgage/most of it.
Rent and then build your family home on the site.
It is not clear though if the site is in a location that would suit you living there.