interest only mortgage

TWINKLE

Hi - I am looking for advice on the possibility of getting an interest only mortgage for a few months instead of a my repayment mortgage and then reverting back to this again. I have recently asked my husband to leave the home as he is an alcoholic. When he was drinking he incurred £1500 worth of debt in my name and I have now been left with this to pay off. If I can transfer to an interest free mortgage I could have this debt cleared within 5-6. Apparently I can only get moved to interest-only if I am in financial difficulty. Does anyone know if this would be seen as financial difficulty, as while I have this debt I am struggling, but would be OK again when this is paid in full?

_Andy_

You'll need to ask your lender

holly_hobby

Firstly, I am so sorry for your situation, it must be very difficult - all here will try to help as much as possible...

Having said that, did your ex fraudulently obtain the debt in your name, or was it sourced under jointly held credit accounts ?

Holly

TWINKLE

holly_hobby wrote: »

Firstly, I am so sorry for your situation, it must be very difficult - all here will try to help as much as possible...

Having said that, did your ex fraudulently obtain the debt in your name, or was it sourced under jointly held credit accounts ?

Holly

Thanks Holly Hobby - sorry I should have made it clear, due to the circumstances with his addiction, money was not always forthcoming when promised and I allowed these to be ran up in my name. Wouldn't do it again though and if I could just get this amount paid off quickly, I will hopefully be able to move forward from this.

holly_hobby

Well financial difficulty could be argued to be going from joint income to single income post the leaving of your husband.

If they are agreeable to consideration, they may requuire details of income & expenditure to support your request.

If your lender point blank refuses to temporarily move to I/O (and if this is the case I suspect it may be because your LTC is in excess of 75) - have you though about contacting the cc providers directly to see if you an enter into a reduced repayment arrangement with them ? (although it may trash your credit profile ).

To be honest, if you explain the situation to your lender, and the reason why you only want a temporary amendment to you repayment method, they would be pretty mean to decline - but the ball is in their court I am afraid.

Good luck

Holly