Switching to Interest-Only mortgage

Harry_Potless

holly_hobby wrote: »

Well thats poop from them.

.........................................................................

Hope this helps

Holly

You misunderstand in that my financial difficulties are long-term but it could take days, weeks, months (hopefully not years) to remedy.

In the meantime, the mortgage needs to be addressed and as I said earlier, it's pretty much a no-brainer with regard to indebtedness versus equity.

Thanks for all your help. It's sincerely appreciated.

Thrugelmir

Harry_Potless wrote: »

So nice to see the milk of warmth and kindness which emanates from some of the Internet faceless.

You are not alone in your predicament. Times are tough and may well get far tougher yet for many.

Banking is a business not a charity. So there's a limit to the sympathy you can expect from them. As not being in the best of financial health retail banks are looking to divest themselves of risk.

holly_hobby

Sorry Harry, it was your statements that you required an IO for the remaining duration of the mge (17 yrs) with the plan to sell at that point, that were a little mis-leading to your circs, and suggested (to me at least) that your new found finanical issues would be an on going issue ..... my apologies if this isn't the case.

If we are instead (as you suggest) talking in terms of weeks/months and not yrs (re a temporary repayment re-schedule), then NW should be happy to mediate a suitable short term arrangement. Obviously IF the situation does continue in the long term, NW will naturally need to consider their position. (but hopefully that won't be the case, and you'll be back in the black before NW need to consider the viability of the arrangement in place) .

Your next step is to explore this further with them.

Hope this helps

Holly

Harry_Potless

Thrugelmir wrote: »

You are not alone in your predicament. Times are tough and may well get far tougher yet for many.

Banking is a business not a charity. So there's a limit to the sympathy you can expect from them. As not being in the best of financial health retail banks are looking to divest themselves of risk.

A house I owe £185k on, that I purchased as a derelict property in a super-prime residential area (where prices are still rocketing) and I single-handedly renovated from foundations to chimney and which has been properly surveyed by the bank's own chartered surveyors as having increased in value to circa £460k........Where's the risk?

When did I state I was seeking charitable handouts?

Where can I spend sympathy?

Where was your help/advice/positive input? (I read your pithy condemnation, but I must have missed the helpfulness you so obviously feel you had proffered).

SouthCoast

Confused.

This thread indicates that you live in a rented property.

https://forums.moneysavingexpert.com/discussion/3974367=

Harry_Potless

holly_hobby wrote: »

Sorry Harry, it was your statements that you required an IO for the remaining duration of the mge (17 yrs) with the plan to sell at that point, that were a little mis-leading to your circs, and suggested (to me at least) that your new found finanical issues would be an on going issue ..... my apologies if this isn't the case.

If we are instead (as you suggest) talking in terms of weeks/months and not yrs (re a temporary repayment re-schedule), then NW should be happy to mediate a suitable short term arrangement. Obviously IF the situation does continue in the long term, NW will naturally need to consider their position. (but hopefully that won't be the case, and you'll be back in the black before NW need to consider the viability of the arrangement in place) .

Your next step is to explore this further with them.

Hope this helps

Holly

My fault for wrongly suggesting that the possibility of I/O full-term duration as being likely rather than hypothetical.

No reason why I should always be poor that I can think of - LOL.

BTW. What is "NW" to which you keep referring?

Harry_Potless

SouthCoast wrote: »

Confused.

This thread indicates that you live in a rented property.

https://forums.moneysavingexpert.com/discussion/3974367=

Where I come from "rent" is a colloquialism for paying for a roof over one's head.
(Are you stalking me?) LOL

holly_hobby

Harry_Potless wrote: »

.

BTW. What is "NW" to which you keep referring?

Sorry ... for some reason I thought you had said your mge lender was Nationwide .... hence the ref to NW !!!

Blimey ... trust me to confuse things .... change any refs to NW to be taken as meaning your current lender ..... !!

The rest still stands of course ....

H x

holly_hobby

Having now had a quick read of your previous thread in May re - refund of bank charges, it reads from your comments that you have had some financial issues for a little while - and that you are on income support.

If this is still the case, have you advised your lender of this ?

Have you any ASU/MPP in place that you haven't claimed or should be in payment ?

Have you applied for any DWP assistance with your mge repayments (SMI) - this will only be applied to the I/O element (which may of course be the reason for your initial post), and is at a set payrate (which of course may be lower or higher than your current mge payrate).

NB - if the SMI credit is below your mge payrate, there will of course be accuring arrears in addition to any unpaid repayment element - which will need addressing (if the mge has not been switched to IO when payment commences).

As you are in receipt of income support, you will qualify for this benefit, and once in receipt, will continue to recieve it whilst you remain entitled to qualifying benefits (ie - income support, pension credit or income related support allowances).

All of the above will take the heat for a while and until you are in gainful employment again, and if you haven't already explored the above, now is the time to do so !

Hope this helps .... good luck

Holly