Help needed - struggling to make mortgage repayments

maz3718

Hi

My husband and I have a repayment mortgage with Norwich and Peterborough b.s. My husband is starting a teaching assistant course shortly and has started a part-time job, he has given his notice in at his current full time employment. I have a disability and cannot work, but used to. We have as N&P for help, either as a payment holiday, or just to make the interest payments on the mortgage for about a year. Today we received a reply back from them saying we couldnt have a payment holiday as we havent made overpayments, we can't have interest only repayments as we wouldnt be earning £25k a year, so the only option is to extend the mortgage for up to 40 years!!!! We are both in our late 30's good god!!

Can anyone offer advice please? We really don't want to sell our home, and we don't want to miss payments either. We have about £40k equity in our home.

thanks

anna77_2

Would extending the mortgage to 40 years reduce the payments sufficiently for you to manage? If it does, then why not accept the offer and then, when your partner's earnings increase at the end of his training (I assume they will) you can increase your payments and reduce the term of the mortgage to a more sensible duration. Also, you could try and find out if you are entitled to any benefits, such as Working Tax Credit. Most people refer to this as Working Family Tax Credit but you don't have to have children to qualify for this, and you would probably qualify if you have a disability. I am not an expert in this field, and someone else might be able to advise you better on this, but it does not cost anything to ask.
HTH