help with mortgage

diane118

hi please could you help my daughter and her husband have a mortgage with the Northernrock they are in there late 30's and have 11 years left to pay the last year or more her husband (who is selfemplyed) as had hardly any work a few weeks here and there my daughter who is a nurse has had to pay the bills at the moment they have lots of debts that they cannot afford to pay would they be able to get there mortgage changed to a longer time to pay it off say 20years so there monthly payments would be less? Thanks diane

milliemonster

Hi Diane, we really need to know more information, a full breakdown of your daughters income and outgoings, what their current credit rating is like, have they missed any payments on anything? before we look at entending the term of the mortgage

savingholmes

One option might be to ring the mortgage company and see if they can take a payment holiday? Another possibility would be to ask to convert to an interest only mortgage - most companies want you to own 75% in the current climate, some will let you have part repayment, part interest only. Some companies only charge say £75 for making the switch but if that bought some extra time it would be worthwhile...