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Redundancy - Can we move to Interest Only - Platform Mortgages
lavender789
Posts: 8 Forumite
Hi All!!
Just looking for a bit of advice and reassurance! My hubby and I have a mortgage with Platform Mortgages, its a 2 year fxed rate and the deal comes to an end this October. We are also on a DMP with CCCS and have a CCCJ (second charge) with Northern Rock.
We have never defaulted on our mortgage, our payments to CCCS are all up to date as is our CCCJ.
Hubby has just been made redundant, and is currently on 6 weeks Notice. He is now going to be setting up his own business as a Handy Man, and we are hopefull that this will take off, particularly with Spring aruond the corner and people sprucing up their homes rather than moving.
I have taken a pay increase recently with a new job.
2 questions really;
1. How likely is it that if I ring our lender they will let us go onto interest only for a few months so as not to jeopardise us potentialy falling into arrears when Hubbys notice and wages run out. We are after all being sensible and ringing them when we forsee problems rather than when we get into arrears.
2. How likely is it that we will be able to switch to an interest only fixed when our current deal comes to an end to a) give us a bit of leeway, allow us to eat, and b) to allow us to use the extra, if Hubbys business takes off to repay our DMP and CCJ?
All help and advice much appreciated, I want to ring them on Thursday this week, but am nervous!!
Thanks
Becky!
Just looking for a bit of advice and reassurance! My hubby and I have a mortgage with Platform Mortgages, its a 2 year fxed rate and the deal comes to an end this October. We are also on a DMP with CCCS and have a CCCJ (second charge) with Northern Rock.
We have never defaulted on our mortgage, our payments to CCCS are all up to date as is our CCCJ.
Hubby has just been made redundant, and is currently on 6 weeks Notice. He is now going to be setting up his own business as a Handy Man, and we are hopefull that this will take off, particularly with Spring aruond the corner and people sprucing up their homes rather than moving.
I have taken a pay increase recently with a new job.
2 questions really;
1. How likely is it that if I ring our lender they will let us go onto interest only for a few months so as not to jeopardise us potentialy falling into arrears when Hubbys notice and wages run out. We are after all being sensible and ringing them when we forsee problems rather than when we get into arrears.
2. How likely is it that we will be able to switch to an interest only fixed when our current deal comes to an end to a) give us a bit of leeway, allow us to eat, and b) to allow us to use the extra, if Hubbys business takes off to repay our DMP and CCJ?
All help and advice much appreciated, I want to ring them on Thursday this week, but am nervous!!
Thanks
Becky!
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