Mortgage payment break advice needed!

LouBlue

I have a 2 year fixed mortgage with IF which started last September. I had to leave work due to stress last October and am now actively looking for employment but could really do with at least one's month's payment break with my mortgage. We have not missed a payment since starting the mortgage but things are very tight now and I'm getting worried. I can't find anything about it on the paperwork. I shall be giving them a ring tomorrow to ask.

Any advice on how I should approach this or has anyone done the same? Will they expect two months' worth straight after or is it added to the end?

Many thanks.

LouBlue

Sorry to ask again but I need to ring them tomorrow as I am having sleepless nights about it. Just wanted to know what best to say.

Many thanks.

dips_3

sorry i don;t have any advice but thought I would bump the message up.

Try not to worry - there is nothing you can do until the morning when you talk to IF

LouBlue

I haven't been able to get through to them yet but will keep trying. Has anyone on here had any luck with a one month payment break before?

toonfish

Halifax, who are part of the same company, will let you have up to 6 months. I have no direct experience of IF, but suspect they should be the same. Might be worth asking for longer than one month, just in case, because they will only allow you this option once at Halifax.

LouBlue

toonfish wrote:

Halifax, who are part of the same company, will let you have up to 6 months. I have no direct experience of IF, but suspect they should be the same. Might be worth asking for longer than one month, just in case, because they will only allow you this option once at Halifax.

Thank you very much, I'll report back.

Noz

Halifax has a 6 month entitlement for payment holidays, you can use the entitlement up at once or in serveral periods as long as it doesn't total more than 6 months

LouBlue

Well it didn't work. Said as I had only been with them since September, they could not offer me any payment break. Said they would send me an Income & Expenditure Sheet for me to fill in and when they had looked at it, would then let me 'possibly' pay a reduced amount for a couple of months but that this would seriously affect my credit score.

All that did not help me as my mortgage is due out on the 1st and she said it is not enough time for them to do anything about it. So tough basically.

herbiesjp

Are you on a repayment mortgage? Can you get this switched to an interest only mortgage if only for a short term, that may improve your affordability a little