Late with mortgage repayments

Ava_3

Hi everyone,

I'm new to this and I hope I have posted in the right section. My partner and I have been having trouble with our mortgage repayments since September. We were 3 months behind and his mum lent us the money. We are now 2 months behind. We had our house valued on tuesday and we have 150,000 tied up in it, but Abbey refuses to lend us £5,000 to get back on our feet. They won't lend us the money until we get back up to date with our payments and then we have to wait for 3/4 months until we can apply.

I am so worried about my partner as he has become withdrawn and I am very concerned about him. He works fulltime and I have two parttime jobs. We have two girls aged 4 and 9.

This all started because my second job only pays me for the work I do, so I get a flexible wage every month. I have tried to look for other work, but then have to think about childcare, which is expensive.

Could anyone please advice me. It would be greatly appreciated.

wardlaw

Hi Ava

I'm sorry to hear about your dilema

Your behind in your mortgage,by only two months and the Abbey won't lend you any more

They wont lend you more funds as in their eyes you are not meeting your present commitments ,or at least ,in the past ,and you are currently in arrears, so they would wonder as to how you could service another advance

It is sometimes possible to switch your loan to on an interest only basis, , for a short term, and allow you to "catch up" by repaying your arrears quicker

Once repaid, you switch back to the Capital & Interest method which I have assumed is your current method of repayment

I would not advise an interest only loan, as such, but in my experience the above can be done and is a perfectly acceptable way, to get you back on your feet. I was a Building Society Manager, in another life and I often put the above arrangement in place

Its actually an acceptable arrangement recognised by by the Financial Services Authority

Have a word with the Abbey, to ascertain as to whether or not this can be put in place

Best of luck

John

Ava_3

Thank you. I shall phone them on Tuesday.