Interest only to boost short term finances

Whatif

Hi There

I am new to this site so forgive me if this thread is in the wrong location etc etc, but I have a problem

I am 26, married for two years, own a 3 bed semi, mortgage of 95k. Also own a flat in Edinburgh which is now rented (most of the time), with a mortgage of 123k.

to secure the house i also put 2k on a credit card, which we are currently paying minimum amounts to each month (0% until October, at which point we will transfer etc)

I work as a civil servant in the republic of Ireland but live in NI. I bring home approx £1900 a month depending on the euro. I am however on a contract which is due to expire with little chance of renewal thanks to the dire economic situation over here in a year from now.

My wife works 1.5 days a week and does some beauty work freelance as well.

I own a car, which is financed at £256 a month, which apart from sky and usual bills is only other main drain each month.

With rent income being inconsistent due to ongoing maintenance issues and short term lets, we are just getting by each month.

I am considering asking the bank (A&L) to allow me to put the second mortgage to interest only for the foreseeable until we can get our heads above water again. Have always been able to pay bills up to now, but starting to get it tight. What are the chances they will agree considering I already have one mortgage on io?

maveli

I did same with HSBC. However they didn't agree in the first attempt. They require me to show a repayment vehicle which can be used to repay the mortgage. They didn't take anything I showed as repayment vehicle. At the end I told them I will find it difficult to pay b'cos my wife is taking maternity leave with SMP (partially true) and I was surprised to see them agrreing without any further questions.

_Andy_

Not much point in speculating - contact A&L and they will either decline or approve it.