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Mortgage Payment Break- Advice sought please!
grundygirl
Posts: 3 Newbie
We own our home and it is on a fixed rate mortgage until Feb 2011. We have owned the house since Feb 2006 and always made our payments.
My husband changed jobs back in January and I will be changing jobs in August. We need to move 150 miles and relocate. We've been trying to sell our house since December, but with no luck at all. We therefore made the decision we will rent it out. We have been granted permission from HSBC to rent our house out. We are currently looking for a place to rent in our new location.
We are looking at having to find a months rent plus a deposit in advance of moving into our rented house. We haven't got savings due to the enormous cost of living apart since January. We were thinking of asking HSBC for a mortgage payment break of 2 months to allow us to raise the money needed for the deposit/advance on the rental property. Has anyone had a payment break? Without this I'm certain we won't be able to raise the funds. Is it likely they will grant it under the circumstances we are in. We don't want to end up defaulting on our mortgage.
Any advice would be great!
H.
My husband changed jobs back in January and I will be changing jobs in August. We need to move 150 miles and relocate. We've been trying to sell our house since December, but with no luck at all. We therefore made the decision we will rent it out. We have been granted permission from HSBC to rent our house out. We are currently looking for a place to rent in our new location.
We are looking at having to find a months rent plus a deposit in advance of moving into our rented house. We haven't got savings due to the enormous cost of living apart since January. We were thinking of asking HSBC for a mortgage payment break of 2 months to allow us to raise the money needed for the deposit/advance on the rental property. Has anyone had a payment break? Without this I'm certain we won't be able to raise the funds. Is it likely they will grant it under the circumstances we are in. We don't want to end up defaulting on our mortgage.
Any advice would be great!
H.
0
Comments
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HSBC do not offer payment breaks..0
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You could go onto the Debt Free Wannabee forum for help in how to drastically cut down your bills between now and August. Ditch Sky, mobile phones, shop at Aldis etc. Even if HSBC did offer a break, it should still be the very last resort as it is building up arrears.0
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That is strange. I just rang HSBC and they didn't say that they didn't do them. I was quite clear in my request.
They said they would pass my case onto the Responsible Lending Team and that they would call me back in 48 hours.0 -
What's strange? I stated they don't offer payment breaks.
The most they will offer is temporary interest only but they will be recorded as missed payments thus ruining your credit file.0 -
What I meant is when I spoke to the mortgage advice line that they simply didn't say "we don't do that".0
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