hello, advice required please

bundance

Hello.
This is my first post on these forums, and I would really appreciate a bit of advice.

I am on a fixed rate capital repayment mortgage with the nationwide till 2016 at 5.18%. The property is a leasehold with about 65 years or so left on it.
Dunno how much its worth, probs about eighty or seventy five.

I know you can get government help on interest only mortgages.

Maybe this is why I didnt take out the interest only mortgage as the DWP help towards this, and my ego wanted me to be able to pay myself.

Theres about 41k left on it. Whilst it seemed like a good idea at the time, things have got a bit tight and I was considering my options.

I am on incapacity benefit as I was retired on medical grounds so receive a small pension.
I feel bad because we are painted as scroungers in this current anti-not working climate.

Maybe now I have to swallow my pride.
I rang the mortgage people at the nationwide, which was a nightmare in itself, but the helpful chap I got to speak to in the end, sent me a form.

I can either go part and part, repayment/interest only.
or I can lengthen the term of the mortgage.

If I go part and part, how much of the mortgage should I move over to interest only, to qualify for help.

Has anyone done this sort of thing before, or got any general advice which you think I may need to know.

I'm not trying to screw the dole, or scrounge, just trying to make things easier for myself.
ps I know I will have an early redemption fee of £1200+as I checked this out when I rang the nationwide.
Thanks in advance

silvercar

Any help you get will be to pay the interest only, but it is calculated on a fixed interest rate, sot he amount they pay you may be enough for you to pay some capital.

If money is tight you should consider going interest only and make capital repayments as and when you can.

bundance

sorry for bump, been reading my lenders literature.
Thanks.
I was hoping to just put a small portion of the mortgage as interest only.
That way, I would be still slowly paying off the captial.
I was just wanting to know, how small a portion should I transfer to interest only? in order for the DSS to help.
I dont want to come across as a scrounger, so only want help with a fraction of the mortgage.
As I want to keep on repaying capital I want to keep most of the mortgage as it is, and just transfer a fraction to interest only, but what size fraction?
My lender does not allow random capital payments under my terms.

thanks again, and sorry for the unclearness, as I am not very good at expressing myself in words, especialy in money matters.