Mortgage and Redundancy

Whiterose23

Looking for some advice based on experience with regards to what the options are when you have a mortgage and are made redundant. 

I’ve read about contacting the bank, mortgage holidays, govt loan scheme that pays interest, but wonder if anyone has had to deal with this for a drawn out period of time.
i could be facing redundancy in the near future and as a single parent with a mortgage, I’m worrying a lot, particularly as Coronavirus is resulting in rising unemployment. I’m also in my early fifties, which concerns me with regard to finding new employment.
My outstanding balance is £90k and I’m mortgaged till age 68. I’m worried about losing our home if things don’t work out and it’s looking more and more likely my job role will cease to exist sometime soon.
Do lenders consider interest only arrangements for mortgages under these circumstances and how long do these arrangements last typically?
Thanks in advance for any useful comments/posts.

corcutt

You have to talk to your mortgage lender for more information. They'll be able to tell what they are comfortable doing to help you. I'm aware that Nationwide will do interest only in some cases, but you need to start the conversation with them. 

Thrugelmir

Lenders have a duty of care towards their customers. Don't worry about the short term impact of redundancy if it occurs. As they'll help. Focus on the longer term implications and what you can do to help your own situation. If times becomes difficult financially.