Mortgage Break!!

paula_toft

I have just gone on maternity leave so rang my mortgage company about taking a repayment break for a few months as things are tight.

This is not part of our mortgage deal so they said to consider it they need us to pay £50 valuation fee and £50 admin fee also. Their assesment is based on us showing our income and expenditure. So we don't pay out the fees and get refused we were wondering if anyone knows how tight your finances have to be to have this kind of thing approved, and if they take all outgoings into consideration or will they say some things do not count.

Any advice here appreciated.

minimike2

They have to be an honest and accurate reflaction of what they are......

Dont try to manufacture the figures to make it fit to what they want to see.

getmore4less

I think what they want is honesty, and some indication you will be able to pay later, they will also be looking at your other debt commitments and will want to know you are not taking a mortgage break but still paying other creditors.

Key thing will be LTV can that take on the incresed debt by taking the break in payments

The sensible mid option is to look at an interest only break, so you are not increasing the mortgage debt just delaying the capital repayments.

Why have you not planned for this in advance?

chumpycheet

Because, getmore4less, sometimes you can't 'plan' for everything and expect it all to fall into place. Probably best not to ask people such impertinent questions when they're obviously stressed enough as it is.

We are in a similar situation. We planned by putting my wife's house that she owned before we met on the market before she was even pregnant. Two years on, we haven't sold it and we're struggling. Not through lack of planning so much as misfortune - and if you're one of those people who thinks folk shouldn't have children until they've sorted their finances - well, you're missing out on one of the true joys of life. If I lose my house but still have my son, at least I've got the one that matters.

This forum is for people to help each other, not ask them why their financial planning isn't textbook perfect. Unless you have anything useful to tell Paula. leave her alone.

And Paula, we wish you the best of luck and hope it works out for you. We can certainly empathise...

Angel555

well said chumpycheat