Barclays won't give me a mortgage holiday - help needed

silvercar

kirsteenatom wrote: »

I really would rather avoid racking up a debt anywhere as i would struggle to pay it back.

If a mortgage company says they don't do mortgage holidays is there no point in trying to negotiate with them then? is it just yes/no in most cases?

thanks

But not paying your mortgage will be "racking up debt". In fact it will be debt that gives you a big black mark on your credit record. Whereas taking a cash advance on your credit card or arranged overdraft (or better still, put all your general spending like food on your credit card and set the money not spent aside for the mortgage payment) will be debt that doesn't give you a black mark.

Idiophreak

kirsteenatom wrote: »

The mortgage is £695 per month. My rent is £1050 per month. That totals £1750 per month.

So it seems like not paying your rent is a better option than not paying the mortgage...would save you more money and would probably be easier on your credit file.

All of this, however, is on the basis that your house will sell quickly - which can't be taken as a given.

Keekles

kirsteenatom wrote: »

If a mortgage company says they don't do mortgage holidays is there no point in trying to negotiate with them then? is it just yes/no in most cases?

Sorry, think most people missed this. Unfortunately the short answer is no. If they don't offer a product with payment holidays; they won't negotiate one. Strictly speaking, I should say I'd be amazed if they did.

Funny_old_game

No lender will give s payment holiday on a property not main residence. The fact its deemed a luxury you generating an income I'm surprised they even found time to tell you no.

mrginge

Why don't you just implement the contingency plan you devised when you started your business?

:doh:

Thrugelmir

kirsteenatom wrote: »

I now have an empty house with no rent coming in, but both mortgage and rent to pay, totalling £2000 a month. (

Then I suspect you never gave thought to this when you decided to let the property. As to sell the property you would need to give vacant possession. So would have to cover both the mortgage and rent for a period.

As others have suggested pay the mortgage before the rent. In the meantime sell the property as soon as you are able. There's no easy solutions to your problems. Barclays have no obligation to dig you put of a self dug hole. Don't mean to sound harsh but it's the reality of the situation.

kirsteenatom

Funny_old_game wrote: »

No lender will give s payment holiday on a property not main residence. The fact its deemed a luxury you generating an income I'm surprised they even found time to tell you no.

Mse must Have changed a lot. I believed the forums were set up to mutually support and advise not to make smug comments at the expense of someone else.

I appreciate all serious responses where someone has at least read my query properly but I wonder at the motivation of some replies.

kirsteenatom

Thrugelmir wrote: »

Then I suspect you never gave thought to this when you decided to let the property. As to sell the property you would need to give vacant possession. So would have to cover both the mortgage and rent for a period.

As others have suggested pay the mortgage before the rent. In the meantime sell the property as soon as you are able. There's no easy solutions to your problems. Barclays have no obligation to dig you put of a self dug hole. Don't mean to sound harsh but it's the reality of the situation.

Self dug? This response seems more appropriate for someone who has run up credit card debt than for a single parent who has been burned by a tenant.

kirsteenatom

mrginge wrote: »

Why don't you just implement the contingency plan you devised when you started your business?

:doh:

I didn't start a business. I relocated. Thanks for your sarcasm.

kirsteenatom

Atomix wrote: »

rent out my house and rent a house closer to my new work

How far is your new job from your old house? Maybe move back and commute / paying just your mortgage...?

Thanks for your reply. It is the other side of London. I commuted for the first six months but it was a two and a half hour drive each way and I couldn't really sustain it. It might come to that again I guess.