changing mortgage to interest only ??

GFC_3

Hoping someone can advise me
I'm in a bit (ok lot) of debt and struggling to find work (self employed decorator) and was hoping to change my mortgage to interest only.
I'm just about to go into a DMP arranged through CCCS and need to cut down everywhere I can.
My mortgage is 140k, and my house value is 240k, and 2 weeks ago was told by Nationwide that 100k equity was needed to change to interest only, so ok there. Today I've been told by Nationwide that I need 150k equity :eek: .
What I need to know is, does any have any idea what the repercussions may be if I just make interest only payments anyway ??
If I do this I'll have around £400 per month extra to service my debts, although at the moment ,after next week I have no work until January, so could do with the extra just to get by !!!
Thanks

paybacktime2008

Don't know as I just asked to switch to intererst only and Halifax said yes (Don't have 100k equity more like £40k)

But thought you might like a bump.

suz7

My mortgage is with Bank of Scotland and they let me switch to interest only. I've maybe got £30k equity. Is it a Nationwide thing? I'd ring again and ask for something in writing.

GFC_3

Bit pi**ed off with them to be honest, not missed a mortgage payment (apart from a mortgage holiday last year) with them in nearly 10 years, and they don't seem to want to help. Think I need to talk to someone higher up the chain

*zippy*

A friend told me they had this reply from Nationwide too, They went in to have a one to one at the branch and did manage to negotiate something, but they were shocked by how difficult they were to deal with.