Mortgage help needed, desperately

blackpeach

narnia2000 wrote: »

I feel that it would be a good idea to contact my lenders to ask for interest only for a couple of years, then go hell for leather to bring more money in and overpay.......thank-you for that one.
The house is currently worth around £200,000

Thank-you for all the advice

Go for it, ask the lender, i did, although it was a few years ago the and rules were less strict my lender moved to me to Interest only without any questions asked like weather i had a repayment vehicle or not.

The reason was because i had 33% equity in the property. Had i had less than 25% they would have wanted proof of repayment vehicle.

You have even more equity than i had at time.

My tracker mortgage has dropped from 1300 a month repayment to only 200 a month IO now!!

narnia2000

Thank you, at the present time IO is a last resort, whilst I can afford repayment I will pay it, now that I have reduced mortgage payments and an extra lodger for 3 months, I can manage, for now.
The only comment that I can make on the tax situation is that I have felt very let down by the "system" the system that couldn't help, initially because I had savings over the threshold, secondly because I'm working, latterly because I used my money and initiative to rent out rooms. I suppose that you can make your own call on what I have just said?