Freezing my mortgage

kim.pollard

Hi,

Does anyone know if I can freeze my mortgage? I’m currently paying rent on one property in London and still covering the mortgage on the property I’m trying to sell, someone had put an offer in and things were swimming along quite nicely, however they pulled out on Monday. With paying for both properties my monthly out goings are huge and I’m only just managing to keep my head above water, I don’t know how long I can sustain this with out getting my self in to seriously finical debt.

Someone told me I could freeze my mortgage, does anyone know if this is true? If it isn’t does anyone else have any advise as I’m at my wits end?

I would be grateful of any help.

simonjfisher

The best thing to do is to speak to your mortgage lender, explain the circumstances and see if they will allow you a payment holiday.

If the mortgage is currently on a repayment basis you could switch it to interest only for this short period to reduce the payments. There may be a charge for this but in many cases they will add this fee to the loan.

Hope this helps, most lenders are happy to help if you explain the situation to them.

Simon

hairy_cornflake_2

Kim - what simon says is true and the best course of action

The only other option I could think of in the short term would be to let out the vacant property, but you need to take professional advice on this. Talk to a lettings expert to test the water, then come back to this board with any questions.

Its not straight forward, but may help you out in the short term