Change repayment mortgage to fixed

Grottie_2

Hi

I currently have a 5 year fixed rate mortgage with Nationwide, the deal is due to end in May 2012, which has always been paid on time with no payments ever missed. I was made redundant in Aug 2009 and have been using my redundancy to help pay the mortgage as my husbands salary is not enough to pay the mortgage and bills etc. My redundancy money is fast running out and although I do have a bit left I would ideally would like to hold onto this in case of emergencies in the house etc.

I rang Nationwide to ask if there was anything they could do to help and they said that I have to be down to my last £1000 of my redundancy money before they would consider looking at changing the mortgage to interest only, which I think is unfair as this will then leave us with nothing left really and I have been struggling for 9 months to find a job, without success - very stressful!

Our outgoings are £1097 per month - this is mortgage and bills. What we have coming in is £1221 (husbands salary and child benefit and child tax )but the time we have been food shopping this leaves us with nothing and we would be overdrawn.

Can anyone advise if there is anything I can do to get Nationwide to change us to interest only.

Many thanks

Thrugelmir

Grottie wrote: »

Can anyone advise if there is anything I can do to get Nationwide to change us to interest only.

Many thanks

You have savings. So its not unreasonable of the NW to expect you to use them first.

If you are struggling to find employment. Then switching to interest only isn't a long term solution.