Interest free?

smorgan1974

Ive just seperated from my wife and am going to struggle to pay the mortgage as it stands. Is changing the mortgage to "interest only" for a couple of years an option to lower the repayments? Please help!

Gangstabird

To an extent yes, but you would be pedalling backwards as only the interest would be paid.

Unless you have a very small mortgage on your house, I doubt if you will get one anyway.

How much is it and who are you currently with?

bubblesmoney

speak to your present mortgage provider earlier rather than later they might be able to help find a mutually agreeable solution without new arrangement fees etc. u dont loose anything by asking them.

this will be a common problem so they will have systems in place to deal with this

opinions4u

While I hate handing money over to solicitors ...

Is it a joint mortgage? Does your wife work and earn? Does she contribute to the mortgage? Who is living in the house?

It may be that Mrs Smorgan1974 should also be contributing and she may be equally liable for the payments. If you can't get agreement from her to contribute and think she should be paying her share ask your solicitor for advice.

Your inability to pay could screw her credit rating (as well as yours) so it's in everybody's interests to reach an amicable solution on this.