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If you can't make mortgage payments
alunp
Posts: 105 Forumite
If someone can't make mortgage payments in full, but is planningto sell their house to go to a cheaper one, what would the mortgage companies response be to a request for some leeway in the meantime? Cooperative or not interested?
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Comments
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Hopefully they'll be coopertive. Either way, you could use a 0% credit card to make up the difference, assuming that you are going to be able to move within a few months and don't end up paying the interest on the card.Happy chappy0
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tomstickland wrote:Hopefully they'll be coopertive. Either way, you could use a 0% credit card to make up the difference, assuming that you are going to be able to move within a few months and don't end up paying the interest on the card.
No chance on the credit card sadly.0 -
OK, hopefully your mortgage lender will be understanding. From their point of view, with a bit of leeway, they get to keep a customer and get their payments. All a lot cheaper than repossessing etc.Happy chappy0
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Many lenders eg Halifax will do payment holidays for a few months, so ask them if they will do that.
Otherwise you will end up with missed payments on your credit file which isn't a good thing, obviously.0 -
good idea on the payment holiday. lender is the birmingham midshire. dunno if they do that0
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Let me guess - self cert?
The stock advice, and I wish this site had a sticky on this - is to be entirely honest with your lender.
They might well put you on an emergency rate. A friend of mine was put on a 1.99% rate for a time during a period of unemployment.0 -
If there is equity in the property they might let you pay interest only for a while................................I have put my clock back....... Kcolc ym0
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yes there is, about 30 odd thousands worth. good idea0
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