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pROBLOEMS PAYING MORTGAGE - ADVICE PLEASE
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Cat72
Posts: 2,398 Forumite
Hi
My friend is in need of some advice regarding her mortgage payments. Her husband just got dismissed from his job a few weeks ago and is now unemployed.Now they have only her income to pay all the bills but she is especially worried about the mortgage payments.As insurance will not cover him because he was dismissed is there anything else she can do. She would really hate to sell, so I wasnt sure if their is anything else she can do. Like maybe go to the bank and ask them to freeze the intereast, defer the payments or something. Can anyone help ? I feel so sorry for her , she has worked so hard to get her house but her own and I guess a lot have people have been in this situation.Thanks
My friend is in need of some advice regarding her mortgage payments. Her husband just got dismissed from his job a few weeks ago and is now unemployed.Now they have only her income to pay all the bills but she is especially worried about the mortgage payments.As insurance will not cover him because he was dismissed is there anything else she can do. She would really hate to sell, so I wasnt sure if their is anything else she can do. Like maybe go to the bank and ask them to freeze the intereast, defer the payments or something. Can anyone help ? I feel so sorry for her , she has worked so hard to get her house but her own and I guess a lot have people have been in this situation.Thanks
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Comments
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First stop is go and talk to the current lender and explain the situation - the banking code states that they have to help people when they need it so they should always be your first port of call. A short term fix might be to change the loan to interest only if it is currently repayment - this may give some breathing space on a tight budget. Just remember that this should only be a short term fix.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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