Will my mortgage company allow interest only payments?

rose28454

catieeb06 wrote: »

I'm not sure who your mortgage company is but as a mortgage advisor for LBG I know that the financial difficulties team can put you onto an interest only mortgage for a short period of time, 6-12 months ish, and then once you've made 6 consecutive monthly mortgage payments either on interest only or the full repayment basis then you can look to capitalise the arrears back onto the mortgage.

Approach your lender, inform them that your in financial difficulties and find out what they're options are. They may offer you interest only without a repayment vehicle behind you or they may look to extend your mortgage term, another alternative is that they may even come to a repayment arrangement.

Won't hurt to give them a call in the morning and ask them. That way it's a weight off your shoulders and they are being informed of your situation.

Hope that helps xx

I spoke to the B/S this morning and the young lady said they may be able to put me on 1/2 payments for 3 months initially as I explained I was hoping to put the house on the market within that time frame. She is going to call back in the morning to confirm. I am not too worried about only paying the interest for that time as it will not make that much difference to the final mortgage owing. I am quite sad at having to sell at all as I have been in this house for 25 years and it is only since my ex left that I have finally been getting it how I have always wanted it. Still maybe a new start is what I need.

rose28454

My Building Society did not call back so I called and they said they have referred it to their underwriters. I got the impression they are going to say no. I have been honest with them and dont know what to do if they refuse. Anyway will have to wait till tommorow and see what happens.

catieeb06

Update the thread with what they reply back with please.

Should be able to try and help find a solution.

Have you gone through income/expenditure with the CCCS or CAB since you went back to your lender?

Catie x

rose28454

catieeb06 wrote: »

Update the thread with what they reply back with please.

Should be able to try and help find a solution.

Have you gone through income/expenditure with the CCCS or CAB since you went back to your lender?

Catie x

They phoned at lunchtime and agreed to 50% payments for 3 months with a review at the end. I am going to speak to CCCS again this week. So relieved I have a bit of breathin space now.