Help On How To Lower Morgage Payments

mcmc

Hi We Have Started To Struggle With Payments.i Have Phoned The Bank And They Went Very Helpfull .they Said They Would Phone Me Back But This Ws A Week Ago Now.i Have Phoned Back Several Times To Be Told Only A Certain Person Can Help And She Will Phone Me Back.we Just Want To Go Onto An Interest Only Maby Or Come Off The Fixed Rate Onto A Lower Rate To Ease The Pressure For A While.any Advice Please/

kieran1979

Don't start every word with a capital is my advice.

mcmc

yeah thanks for that great advice.i didnt do that purposly.dont know why that happened

_Andy_

Who is your mortgage with at the moment?

mcmc

its with hsbc

_Andy_

Ok all you need to do is ring the mortgage service centre 08457 662255. The branch don't need to be involved.
Just to let you know there will only be two options if you want to change to interest only

1) Do it as normal but your LTV must be 80% or lower (e.g. if your house was worth £100k you could only owe £80k or or less on the mortgage)
2) Have up to 6 months interest only but they will be recorded as missed payments on your credit files.

mcmc

thats the number i did ring and they wont discuss ooptions with me. we have 86 k outstanding and the house cost 90k when we bought it 4 years ago.i wouldnt mind the payments going as missed ones as we have a bad credit rating anyway which would limit us getting a remorgage ect

_Andy_

Did you speak to the department who deal with arrears etc.?
Going IO then and having the payments as missed would appear to be your only option to reduce the payments.
Alternatively would be to increase the term but this would result in a new mortgage application which would be declined.

mcmc

ok thanks ill try the arrears dept as not sure who exactly i spoke to.though im not in any arrears as yet