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Interest Only Mortgage Payments for a short time?
Mooglet71
Posts: 85 Forumite
Hi
We have a mortgage with the Yorkshire, we have been with them about 4 years and have never defaulted on any mortgage.
However, my DH is training to be a teacher (PGCE) after being made redundant last year. He has decided to interrupt his studies with the full backing of the university and will return in Sep 2013. He is currently looking for a teaching assistant job.
Unfortunately I am on a DMP, so am unable to contribute any more to the household income.
Do you think that the Building Society would let us switch to interest only payments just for the next 9 months, to get us through this patch? He will be earning considerably less as a TA and I worry about how we will manage?
Thanks
We have a mortgage with the Yorkshire, we have been with them about 4 years and have never defaulted on any mortgage.
However, my DH is training to be a teacher (PGCE) after being made redundant last year. He has decided to interrupt his studies with the full backing of the university and will return in Sep 2013. He is currently looking for a teaching assistant job.
Unfortunately I am on a DMP, so am unable to contribute any more to the household income.
Do you think that the Building Society would let us switch to interest only payments just for the next 9 months, to get us through this patch? He will be earning considerably less as a TA and I worry about how we will manage?
Thanks
Make £10 a day: £48.76/£150
0
Comments
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You can but ask. Be mindful that such a "payment arrangement" may have future credit implications for both of you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks for your response. Yes, that is worth thinking about. My credit is screwed but I wouldn't like to do the same to my husband'sMake £10 a day: £48.76/£1500
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If you have a joint mortgage your credit issues have probably impacted hubby's file already.0
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Have you looked into reassessing your DMP?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »Have you looked into reassessing your DMP?
Yes I have thought about that and I think that might be a better route to go down.
I see the point about having a joint mortgage and my DMP affecting it. I realise that, but I didn't think my DMP would affect his ability to get credit in general. In mortgage terms we wouldn't be able to move mortgage anyway even without the DMP as he hasn't got a job!Make £10 a day: £48.76/£1500 -
I see the point about having a joint mortgage and my DMP affecting it. I realise that, but I didn't think my DMP would affect his ability to get credit in general. In mortgage terms we wouldn't be able to move mortgage anyway even without the DMP as he hasn't got a job!
I doubt that the lender will offer any assistance given the financial circumstances. Decision on how to best to move forward will fall on you.0
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