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Moving to Interest only
lexington013
Posts: 335 Forumite
Hi, im in a bit of a tight spot. Recently made redundant, not much work on the horizon at present. Redundancy payment is small, i have calculated it will support us for the next 4 months.
Mortgage term remaining is 10 years with a fix coming to the end in 3 years.
Should i request interest only for say a year to buy me some breathing space? Have always had repayment mortgage, i dont want to get into difficulty etc etc. As you can imagine its a pretty stressful time at the mo. Any advice would be very much appreciated.
Mortgage term remaining is 10 years with a fix coming to the end in 3 years.
Should i request interest only for say a year to buy me some breathing space? Have always had repayment mortgage, i dont want to get into difficulty etc etc. As you can imagine its a pretty stressful time at the mo. Any advice would be very much appreciated.
0
Comments
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Speak to your lender now and pre-empt matters.How they will help you is very much at their discretion.
Good luck with the hunt for new employment.0 -
Bear in mind that any failure to repay the mortgage under the original terms may present badly on your credit file.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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