freezing mortgage payment due to redundancy?

Golfy_2

Hi

I have just been made redundant after my company went into administration for 4 weeks.My company got bought by another and i was not needed anymore.
My question is can i ask my Mortgage lender to freeze my monthly payments until i'm working again?

Thanks

Wutang_2

Golfy wrote: »

Hi

My question is can i ask my Mortgage lender to freeze my monthly payments until i'm working again?

Yes you can definitely ask them

Robert_Sterling_3

I am sorry to hear of your redundancy.
You can discuss your position with them.
Good luck for the future.

looster

I don't know if there is anything that would help you on here but might be worth a look

http://campaigns.direct.gov.uk/mortgagehelp/index.html

Golfy_2

would they still charge me interest or completely freeze it for me?

I will ring them and thanks.

shop-to-drop

Golfy wrote: »

would they still charge me interest or completely freeze it for me?

I will ring them and thanks.

Interest will definitely still be added. If not no one would bother going back to work. You should check your mortgage details there may be a provision for taking a payment holiday. But otherwise definitely phone them. Will you get any redundancy to keep you going for a few months?

dimbo61

You could also ask them if its possible to go interest only for a period of say 12 months.
If you do get work then overpay the mortgage each month until you revert back to a repayment mortgage.

SouthCoast

And more info here:

http://www.adviceguide.org.uk/