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Mortgage Holidays
MikeJ1952
Posts: 1 Newbie
We've been in serious financial trouble and had to take mortgage holidays of one year on two occasions. When I resumed paying the first time, the increase was not as great as the second time. I questioned the jump, which was 600 instead of 300 per month and they sent me the calculation, which I think was flawed.
Does anyone know the technicalities of these calculations or have they just made a mistake and are not owning up to it.
I can't see how having a year off a £47,000 mortgage can make it jump by 600 p.m. over 10 years.
I've had the mortgage since 1986 and there is a relatively short time to go, but I have now extended the repayment till I'm 70. And I can't afford it.
Any advice gratefully received as long as it's free!
Does anyone know the technicalities of these calculations or have they just made a mistake and are not owning up to it.
I can't see how having a year off a £47,000 mortgage can make it jump by 600 p.m. over 10 years.
I've had the mortgage since 1986 and there is a relatively short time to go, but I have now extended the repayment till I'm 70. And I can't afford it.
Any advice gratefully received as long as it's free!
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