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Can't switch from Repayment to Interest Only?

Cheap-as-chips_3
Cheap-as-chips_3 Posts: 5 Forumite
in Mortgages & endowments
I have a fixed 25yr mortgage with Woolwich. I recently lost my job, and to help my outgoings each month I though I could switch my "Repayment" mortgage to an "Interest Only".

I contacted Woolwich today, and they said the option to switch ended last December and is no longer available!

What can i do to cut my mortgage payments, as if this keeps on I will run out of money and my home will be repossessed. Help?

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Only other option is to extend the term, if they will allow it.
  • Cheap-as-chips_3
    Cheap-as-chips_3 Posts: 5 Forumite
    _Andy_ wrote: »
    Only other option is to extend the term, if they will allow it.

    Woolwich would allow me to extend my mortgage by 5 years, but this only saves me £80 a month. Not worth doing in my view.
  • gizmo111
    gizmo111 Posts: 2,671 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You can claim interest with your JSA - should stop the house being repossessed.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Cheap-as-chips wrote: »
    Woolwich would allow me to extend my mortgage by 5 years, but this only saves me £80 a month. Not worth doing in my view.

    Well you don't have any other options so £80 a month is better than nothing surely?
This discussion has been closed.
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