Switching to interest only

Em_illy

Hi, I was wondering if anyone had any experiance of switching to an interest only mortgage for a short while?

I live with my fiancee, the house is his.

We are currently finding it difficult to make the mortgage payments on time (typically a week late at the moment) and money is really tight. Have had a look on the internet at things to possibly help and switching to interest only for a while kept popping up.

How easy is it to do this?

(It is with Barcleys - Standard life origionally- paid off roughly 40% if that is any help?)

Thank you

kingstreet

All I can suggest is you ring them and report your hardship. They are expected to treat you sympathetically. Switching your account to interest only for a limited period is one of the options open to them to help you manage the current situation.

opinions4u

While you could contact them and ask, it could damage his credit rating if he underplays the mortgage. And yours if you have any joint financial links elsewhere.

Can you cut back in other places first and maintain a full mortgage payment?

Thrugelmir

Em_illy wrote: »

Have had a look on the internet at things to possibly help and switching to interest only for a while kept popping up.

Prioritise your expenditure. Even if it means sacrificing the internet for a while.

Yorkie1

Are you paying the mortgage in full each month, but just late?

If so, perhaps ask the lender if you can move your payment date back in the month?

ACG

You could also look at increasing the term - that would make the repayments less (that is only true for repayment mortgages, not interest only).

eschaton

What about a payment holiday for a month or two?

If you are only a week late then you can't be far away from being above water if only slightly.

Surely you could both review your expenditure levels and cut back here and there for a bit.