Can I change to mortgage only?

TWINKLE

Hi - can anyone advise me if it would be possible to change to an interest only for a repayment mortgage for a while until we get back on our feet financially? I am in a 5 yr tie-in from with the Halifax from Oct 2009. I would like to try interest only for a year or so to give us a breather - would this go against us? Any advice would be much appreciated. Thanks.

dunstonh

Its up to the lender if they allow it. Many are refusing it as the FSA have published guidelines that basically say that interest only shouldnt be used as a way to help affordability. Some have interpreted a bit more literally than others.

opinions4u

TWINKLE wrote: »

Hi - can anyone advise me if it would be possible to change to an interest only for a repayment mortgage for a while until we get back on our feet financially? I am in a 5 yr tie-in from with the Halifax from Oct 2009. I would like to try interest only for a year or so to give us a breather - would this go against us? Any advice would be much appreciated. Thanks.

Did you move your mortgage to Halifax in October 2009?

What has changed between October 2009 and now?

If nothing specific has changed in your circumstances, what are your reasons for not being able to afford the mortgage payments today?

TWINKLE

opinions4u wrote: »

Did you move your mortgage to Halifax in October 2009?

What has changed between October 2009 and now?

If nothing specific has changed in your circumstances, what are your reasons for not being able to afford the mortgage payments today?

Hi - it was only one of a few ideas to give me a chance to pay some bills off, due to situation that arose in October where my old bank used my salary to pay off my overdraft and this has set me back ever since. I am trying to avoid a DMP, as I'm not too far behind with payments.

opinions4u

If you won't answer straight questions, it's very hard for other posters to give a reliable answer.

Assuming you are a new mortgage customer and nothing has changed in your finances since the mortgage was agreed then there is no reason for a lender to allow you to reduce your payments.

TWINKLE

I was unaware that I wasn't answering a straight question - I'm used to the DFW Board where they are more pleasant. I am NOT a new mortgage customer I remortgaged - I have had a mortgage for the past 15 years. I have just re-read my last post and in my opinion I was giving a straight answer - manners cost nothing....

_Andy_

You need to ring your lender and ask.

opinions4u

TWINKLE wrote: »

I was unaware that I wasn't answering a straight question - I'm used to the DFW Board where they are more pleasant.

I was merely trying to ascertain your circumstances in order to understand whether or not Halifax would be in a position to help.

I asked 3 straight questions but got a vague response which made it difficult to assist you.

Despite this lack of clarity I gave a suggested answer based on how I understood your circumstnaces. I'm sorry if you expected me to ask you in for a cup of tea. I'm right out of PG Tips though.

I am NOT a new mortgage customer I remortgaged

Please can you clarify what you mean by this.

A remortgage is changing from one lender to another (e.g. from Abbey to Halifax).

Simply switching from one Halifax mortgage rate to another is not remortgaging.

The clarity is important because Halifax will most likely take a different view if you have been with them for 15 years compared to having been with them 2 months.

I have had a mortgage for the past 15 years.

If you have a lower loan to value ratio (well under 90%) perhaps a mortgage payment holiday may be an option?

I have just re-read my last post and in my opinion I was giving a straight answer - manners cost nothing....

It wasn't a straight answer.

Look, I'm not trying to be rude, I'm trying to establish an outcome for you. If you don't want it then I'm not going to lose any sleep over it.

TWINKLE

I think I will stick to the DFW board - I did want advice, but not made to feel stupid.

Wickedkitten

TWINKLE wrote: »

I think I will stick to the DFW board - I did want advice, but not made to feel stupid.

How were you being made to feel stupid? You were being asked for more info so people could get a better idea of how favourably the lender is likely to look on your request.

TWINKLE

It wasn't what was asked, but how I was asked.