can i switch to intrest only struggling

Bella79

Hi all

We currently have a morg with woolwich for 140.000 the house was brought for 215.00, so far we have made 6 months repayments but my hhubby is self employed and to be honest were struggling.

We have realised that we have bitten of more than we can chew and plan to sell in 2 years after the tie in period , could i switch to intrest only for a while ?, then when we come to see we would stil owe the same as we owe now ?

sorry for being a bit dim, but as u can guess this isnt my strong point

thankyou

TMSL

You might struggle as Woolwich recently changed their criteria and now try to stop people switching to interest only. It is worth making the telephone call to them and explaining your circumstances. They should be trying to treat you fairly. Good luck

Peelerfart

You really should ask your lender this question .

I'm sure if you explain they will be sympathetic

Matty0682

They may not allow you to switch to solely interest only. However many mortgage companies with allow you to change the term up to 35 years (with no charge). So for instance if you are on a 25 year mortage, they may let you change to a 35 year term, therefore you will have lower cost in the short-term.

If you are struggling now, why are you waiting two years after the tie-in period?

Thanks,
Matt

Bella79

hi all

thankyou for all your replys, were waiting 2 year because we cannot afford to lose money on this house, we have made so may mistakes in the past, of course if the situation become pay morg or starve then we would sell and start again with a clean slate.
Ive just called woolwich they said last year u could jst call pay £50 and have it switched but they no longer offer intrest only loans now, however if were haveing major difficlites paying then they will send a form out we fill it in and they will decided if they will let us switch for a ltd time