What would you do ?

Issuma

Hi All
Just wanted to run this by you wonderful people, we currently have a major car problem which is going to cost quite a lot to put right (OH can't get to work without it) a family member has very kindly offered to lend us the money to get the car back on the road however they need the money back before the end of October - fair enough they have their own commitments.

We have 1 payment holiday left on our mortgage which would free up enough money to pay this back, I have spoken to the Halifax and taking the payment holiday wouldn't be a problem but they now run a system where they can't or won't tell you what your new repayments will be after the payment holiday, how on earth are you supposed to make this type of decision without knowing the figures, you have to commit before they tell you how much it's going to cost !!!

I'm now trying to work this out for myself would it be right to assume that the deferred amount would be split over the remaining term of the mortgage or would there be anything else factored in ??

Need to find a solution to this problem but really don't want to solve one problem but then create another, it feels like going into a shop to buy something on credit but the salesperson can't tell you how much the monthly repayments will be........

As always any advice or comments would be very much appreciated

Little-Miss_2

Hi
I am with Halifax and although I didn't have a payment break I did go to interest only for 12 months and the payments were spread across the remaining mortgage.

Issuma

Hi Little-Miss and thanks for your reply, it just astounds me that they expect you to make this type of decision (I don't take any financial decisions lightly anymore) without giving you the figures.

It's like buying an expensive item on credit but the salesman can't tell you how much the monthly payments will be until you've committed yourself !!

I did ask the Halifax whether going interest only for 1 month was an option but they don't do any interest only at all now but I can't think of any other way of freeing up enough cash