Mortgage mis payments

trying_to_get_on_in_life

Am on long term sickness for the next ten months have changed my mortgage from a repayment to an interest only mortgage saving £220 per month , at the moment i can just manage however in four months sickness pay will be halved leaving insufficient funds , had spoken briefly with mortgage provider who said that they should be able to half amount for three months leaving me three months to battle through looking through their small print missing a payment would cost me £50 1st month and £100 the next month, so if i missed two payments on purpose the amount saved would pay the final month that i need to struggle through, i can appreciate that this would be immoral to do but does anyone know how this would affect future mortgage.

Kez100

Could you take in a lodger and up your income a bit?

MarkyMarkD

Good suggestion, kez.

I wouldn't go for your plan, ttgoil, unless I was stuck. I would firstly go back to your lender with a realistic amount you believe you can pay them on an ongoing basis, until your expected return to work.

There's nothing lenders like less than someone who agrees to pay a certain reduced amount, and then lets them down. They'd rather agree a more realistic, achievable, amount up-front.

trying_to_get_on_in_life

Unfortunatley thats not possible although that would certainly ease the burden i am looking at numerous ways of shuffling around finances as i know its only for another ten months then will be back onto my wage that more than covers my bills as it always did in the past but difficult - thanks for the suggestion though.