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Mortgage Payment breaks
Boltonbwfc
Posts: 55 Forumite
Hi
I am currently on a DMP, however I have rung Chelt and Gloucester and discussed a mortgage payment break. This is due to unexpected financial emergency that we are currently experiencing. I have never missed a mortgage payment and they went through the process. The advisor then said I need to do a credit score check (I thought here goes, why do they need to credit search me?) and she then said that my payment break had been declined
I tried to argue the point that the whole idea about my requested mortgage payment break was to help me financially so that I would not struggle and to prevent me not to miss a payment. I thought the whole idea of the payment break was to assist those in financial difficulties and to help unexpected financial crisis that arise?
Or have I got it wrong? Thanks for any advice.
BWFC
I am currently on a DMP, however I have rung Chelt and Gloucester and discussed a mortgage payment break. This is due to unexpected financial emergency that we are currently experiencing. I have never missed a mortgage payment and they went through the process. The advisor then said I need to do a credit score check (I thought here goes, why do they need to credit search me?) and she then said that my payment break had been declined
I tried to argue the point that the whole idea about my requested mortgage payment break was to help me financially so that I would not struggle and to prevent me not to miss a payment. I thought the whole idea of the payment break was to assist those in financial difficulties and to help unexpected financial crisis that arise?
Or have I got it wrong? Thanks for any advice.
BWFC
"The difference between the impossible and the possible lies in a person's determination."
Debt free in 4 years :whistle: _party_
0
Comments
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mortgage payment breaks are authorised arrears. If the lender feels there is a deeper problem then they can refuse the holiday.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Is is indeed up to the lender whether they will grant a payment break or not..
If you are currently on capital & Interest, you could ask to go onto interest only temporarily instead. I'm sure they would allow that.I am a Mortgage adviserYou 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.0
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