mortgage help advice please!!!

Ian_Griffiths_Halifax

juniperberry wrote: »

oh i never thought of interest only,can u do that?? thats a great idea...do u think the bank would just switch us over for a while?? no questions about income?

If you call your lender Interest Only may be an option. That's one area where you can use the Treating Customers Fairly trump card.

They may even allow you some payment holidays if you ask them.

Who is your lender?

juniperberry

lender is alliance and leicester

u dont know how much u have cheered me up, would i just phone their main number and explain the situation and ask for interest only for say 6 months

would there be a charge

i hate phoning when i dont know all the info about something and i have to say where mortgages are concerned i am completely green

what would i say?

I am so sorry for sounding silly but i really am green about all this...

thanks again xxx :j

Ian_Griffiths_Halifax

If you call their Mortgage Customer Services on 0844 8000080 and explain that you want to change to Interest Only (there will be a charge for this of probably around £75 which can often be added to the mortgage if necessary) but being able to take such as 'Baby Breaks' and 'Career Breaks' will be down to your previous mortgage conduct and the deal you took with them.

Just ask them the question:

"Can we change to Interest Only and can we take a Payment Break (give them some idea of when your income will go up) for X months"?

The worst I can see happening is that they say no to the Payment Break but yes to Interest Only.

juniperberry

ian, u are an angel,....thanks so much...i am doing it now :j :j :j :j :j :j :j :j :j :j :j :j :j :j

Ian_Griffiths_Halifax

juniperberry wrote: »

ian, u are an angel,....thanks so much...i am doing it now :j :j :j :j :j :j :j :j :j :j :j :j :j :j

Clients have named their babies after me :cool:

juniperberry

well, i phoned and interest only would reduce payments by about 200 a month with a 50 pounds admin charge to switch and switch back

i never asked about a payment break...how do they work "exactly" for say a 6 month payment holiday...i hate asking about something when i am clueless about it...

Juniperberry

Ian_Griffiths_Halifax

They would simply add the interest to the mortgage and you would pay it back over the remaining term of the mortgage or sometimes I believe they would extend the mortgage term by the same term as the holiday period.

Either way, it will end up costing you a bit more in the longer term, but if it solves your problem for now, then it's done it's job.

juniperberry

again....thanks!!!

will chat to hubby this evening and decide!

thanks again :A :A :A

Ian_Griffiths_Halifax

How's it going juniperberry?

juniperberry

have been on interest only but now considering asking for a payment holiday!!!are alliance and leicester good about these

what shall i say,,,,looking for a 6 month break...will it affect our credirt rating??

thanks

xxx