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Stopping the interest on a mortgage?
Scorpiomarie
Posts: 128 Forumite
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:coffee:
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Comments
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Not a chance. They have security. The interest should be the easiest bit of the mortgage to pay. The capital amount may remain the same but as long as you at the very least pay the interest then they'll usually hold off from taking further action which my include repossession for quite a long time.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Yeah, the should stop charging all their customers interest.0
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Interest rates have never been this cheap and may well rise soon !
Without more info IE mortgage Interest rate, outstanding balance, term, Income, ERC,s Age etc we cannot say if you have a good deal or are paying too much.
Perhaps you need to look on the Debt free board or Mortgage Free board at ways to reduce spending and maybe remortgage to secure your home0 -
I would be contacting one of the debt charities as this sounds like a ticking time bomb.0
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Scorpiomarie wrote: »Is there any way to stop the interest for awhile?
Sell the property and redeem the mortgage. .0
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