What help can I expect?

bodster

Hi all,
I won't bore you with all the details but my income has taken a real dip in the last six months. I have not missed any mortgage payments but have now run out of money. I still have a around 50k equity in the house.

I'm going to contact my lender A&L to ask for some breathing time.
My ideal solution would be a payment holiday, I've never missed a payment but haven't over paid ever .

Does anyone have any idea what I should expect from them? Are they likely to let me take a payment holiday?

Many thanks

Fliss_M

it shouldnt be a problem, depends on what LTV 50k is. But they will expect bigger payments once you end it to cover the interest from the payment holiday months.

Dan_1976

Most mortgage lenders will be very helpful, more so than unsecured lenders.

As long as your honest, up front and stay in contact you will be surprised how helpful they will be. They dont want to spend money on trying to repo and sell your house!

They may offer lower payments, interest only payments but not all will offer holidays. You should get a budget together and show them that your treating them as a priority.

These people are very helpful and a lot of resources.

http://www.nationaldebtline.co.uk/

bodster

Thanks for the help.
Going to call them today, (deep breath)

JFC_2

Good Luck Bodster. I aggree with the comments above. The Mortgage lender will be pleased you have contacted them rather than just stopped payments yourself. Communication is important.

I hope everything goes ok, please keep us updated
x

sammyjammy

In my experience they won't let you have a payment holiday if they think you are having problems, if you ask for a payment holiday they tend to give them for things like DIY, holidays, cars etc, if you take payment holiday and then are still in trouble they have actually lost more money.

bodster

Is that really the case?
If I had no equity then I would agree but if they did give me a payment holiday and I still couldn't pay at the end of it then the money is still covered by the property or am i missing something?