Halifax switch from repayment to interest only?

Pete36

Hi,

I work on a contract basis, last one 2.5 years, and it ended a few months ago and I'm finding the market tough for the first time ever. Truth is normally we would have savings to cover gaps in contract working but with boys aged 2 and 5 we've suffered a lot of recent massive costs the last few years through maternity leave loss of income and nursery fees and have none.

We're looking at ways to survive on just my wife's income until I get a job again.An option would be to switch our mortgage from repayment to interest only for a while, we're on a two year fix. Would Halifax allow this? Would it affect my credit file etc if I did? We could make up the capital shortfall next Feb when my wife gets her bonus. I'm just robbing Peter to pay Paul at the moment with credit cards making up the shortfall but of course swapping long term debt for short term debt is not a long term solution.

Pete

mothershipton

hi, make an appointment to see your bank and discuss options, you may be allowed a payment holiday or they could extend the term of the mortgage. I would also suggest you go over to the debt free board and post your budget to see what people will suggest. good luck with finding a new job as well