switching to interest only free mortgage

mysuni

hello all,

not sure if this should be DFW forum instead - sorry if posted in the wrong place. things are not good financially at the moment.

a mortgage payment was missed in may but was not realised until july. i have just had a major op and due to time of etc we are financially struggling. i would like to sort htings out as the additional stress is not helping with the recovery..hair has started to fall out!! have arranged to pay the missed payment over 6 months with the mortgage lender.

how would i go about switching to interest only and would the missed payment cause any problems? also would i need to provide proof that i have means of paying the mortgage at the end of the term? - i would switch back to repayment within 12 months max? also if i do switch for 12 months at the end of the mortage term there would be a shortfall - could i just extend the mortgage/take out a small unsecured loan to pay it off? also i should be getting a sizeable inheritance £20,000ish in the next 12 months so that could be used to pay off the missed repayments?

thanks for any replies.

MortgageMamma

Hi, just contact your lender and ask them if you could switch to interest only as a temporary measure. I am assuming here that you didnt take any income/mortgage protection policies out when you took your mortgage?

I am not entirely sure of your personal situation but your inheritance could provide a useful cushion of you are struggling financially but it wont last forever. I am guessing from the fact you say your hair is falling out you may have cancer?

If so, I wish you all the best and a speedy recovery.