Pepper; Stuck paying high mortgage and no life

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Roscommon46

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I'm new here...go easy on me. Just found the site this evening.
Looking for some guidance/ direction.
Have mortgage with Pepper. It was originally with Bank of Scotland.

290,000 left on mortgage. 20 more years left (2044). Rate 4.5 percent. House value 350,000. No arrears
I'm crippled financially trying to pay it every month 1,840 is the repayment.

I've no life because my salary is all going on mortgage, car loan etc.

I promised myself that I would explore my options this year. I would love to reduce the repayments. I have a bad credit report though. I defaulted on a loan years ago.

Any advice welcome
 
You'll get more responses and advice here if you give your monthly income and current outgoings on spending. Consider taking the money makeover template given here to give us all your details or even just add basic pay and loans to this thread.

Edited: I changed the title to help people see what your query is.
 
Although you are not actually in arrears, maybe fill in the mortgage arrears template.

Case study - Information required for mortgage arrears and negative equity questions

Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results. Income details Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant...
askaboutmoney.com
 
Without knowing a lot, is your property suitable for rent a room? That is a potential tax free income stream. Obviously sharing might not be for everyone but this could really help you to have disposable income and maybe even chip away at the mortgage.
 
Calculation seems to suggest 4.5% is the correct rate and if so it is unlikely you will get anything better especially as you say there may be a poor credit issue.

The rent a room for up to 14k a year totally tax free (14k include every cent you get from the renter such as contribution towards utilities) is probably the only real angle.

Many people are looking for 2-5 nights a week rental as they work from home elsewhere in the country some days or like to return home to another part of the country at weekends and this may be a way to start with rent a room. You'll get €400-€600 a month for that.
 
Are you the only earner in the household?is the house suitable for your needs or too big? Would you consider downsizing? Is the mortgage payment a high % of income
 
I think the rent a room scheme @misemoi mentioned would be a good option. It can be very flexible. There are websites which allow you to rent just mon-fri and others match you with people who are looking for a room for just a few months. I do it myself and it works well for me when you find the right roommate.

The main thing to note is you are renting under a license agreement, tenancy laws don't apply so make sure you have a contract in place.
 
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