Interest only mortgage

heatherunited

Hi to all you knowledgeable people, though not yet we are expecting my husband to lose his job due to ill health. It wall be a real struggle on just my wage im not sure we can do it. Do you think my mortgage lender would letus chance to an interest only mortgage? My house has just been valued at £200,000 and we owe £85,000. Hopefully it wont be forever but is there any way the company with an X would even let us? thank you all heather

Thrugelmir

You should speak to them and explain your circumstances. Lenders have a duty of care. So will at the very least grant you a temporary change to your mortgage contract. Which hopefully give you a sufficient window in which to find a solution.

heatherunited

I do have a rental property with a different company, this is worth £110,000 and I owe £60, 000 so if they need a sort of plan to know whether their remaining £85k would be paid there is already 50k in the other property, which naturally will pay for the remaining 85k as the mortgage comes down as in the money I owe them, I hope it does't come to it but read some companies wont do it regardsless some will only do it if your house is worth double of what you owe (which mine is) and also some want a certainty that you have other means of paying the 85 k off, like a saving isa or something. Just wanted to know before I asked what were the chances of letting me swap, if not, swapping mortgage providers as I do have £125k capital in this one and 50k and rising in both..thanks again heather