How to get help reducing a mortgage

skiddyiom1

Hi,

Not sure how to ask this but I'll try. I am currently living on the Isle of Man, where my job is now officially at risk. Therefore I have to move back to England to find similar work. Not a problem, except I have a large mortgage (large to me!) Also my wife and son won't be joining me until after he takes his A levels next year. I have a job to go to, with similar salary which will mean me getting less actual money due to the difference in tax levels.

In order to be able to suport myself and my family while we are separated I need to reduce what I pay on my mortgage. This would only be until we sold our house.

However, the Abbey will only reduce the mortgage (a repayment mortgage) by £500 pm for 3 months after which I shall have to find the outstanding amount and pay normal rates. They refuse to respond to a letter I wrote detailing my predicament, instead they decide I should talk to some telephone operator with no idea what they are talking about. They seem to prefer the scenario which has me moving back England and in three months being made bankrupt due to being unable to pay my mortgage and support both myself and my family.

The operator I spoke to today suggested that I was in negative equity which is why they wouldn't allow me to pay interest only until the house was sold. Which is strange because only 15 months ago they revalued the house in order for me to get a loan to do some improvements. They seem to be working on the original selling price of the house.

I have tried to address this looming problem but, with the obtuse and negative attitude of the Abbey, I am at my wits end. I am faced with either getting deeply into debt and losing any equity I have on my mortgage or losing the job I have been able to secure. Anyone got any ideas?

skiddy

Mr_helpful

For a small fe they might let you go onto interest only

herbiesjp

Another option may be on increase the mortgage term if they will not allow you to go on to interest only