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    • donovan5
    • By donovan5 9th Mar 18, 8:27 PM
    • 1Posts
    • 0Thanks
    Mortgage holiday
    • #1
    • 9th Mar 18, 8:27 PM
    Mortgage holiday 9th Mar 18 at 8:27 PM
    Not sure if this is the right forum, but just after a little advice or encouragement.
    My partner has 2 properties one she lives in and one she let. Her plan was to sell the property she lives in and move into the other ,she gave notice to the tenants who have moved out ,now at the last minute the buyers of her property have pulled out, this leaves her with 2 mortgage payments to come out at the end of the month, money which she doesn't have.
    I told her to phone the mortgage broker and ask for a temporary payment holiday while she arranged for new tenants, baring in mind she hasn't missed a payment in 10 years I thought they would be sympathetic, but she was turned down flat and threatened with repossession if she missed a payment.
    As an aside when she took the mortgage out(on the rental) she was told legally she had to have an interest only mortgage rather than a repayment one.Long time since I had a mortgage but that doesn't sound right to me..
    Thanks for any advice
Page 1
    • ACG
    • By ACG 9th Mar 18, 8:54 PM
    • 16,529 Posts
    • 8,582 Thanks
    • #2
    • 9th Mar 18, 8:54 PM
    • #2
    • 9th Mar 18, 8:54 PM
    They are not going to repossess with 1 missed payment. It is usually 3 months before they start proceedings... But by the time it got to court and went through, you may have found a new buyer and sold the property.

    However ANY arrears on the Mortgage will affect your credit report massively. Sometimes lenders may agree to a payment plan/reduced payment but this can show as arrears - so just double check that.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • John-K
    • By John-K 10th Mar 18, 9:08 AM
    • 371 Posts
    • 488 Thanks
    • #3
    • 10th Mar 18, 9:08 AM
    • #3
    • 10th Mar 18, 9:08 AM
    She sounds to have been living too close to the edge for a while, if one missed rental payment is going to make her default on her mortgage. It suggests that the problems run far deeper than just this one issue.

    Hopefully you have been a bit more sensible, so could you not just lend her the money?
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