Changing Packages

misskasumner

 

Hi,

 

I currently have a mortgage with Halifax. I am up to date with my mortgage payments but am struggling to survive each month.

 

I contacted Halifiax to request I move to an interest only payment for the remainder of this term (2023). Initially I was told the criteria was an earnings of £55,000 earnings and be up to date with my mortgage and then was told the criteria was earnings of £100,000 pa to move to an interest only payment option. I earn £75,000 per annum.

 

Halifax have stated they have logged an official complaint. However, is there something else I can do to have this decision revoked?

 

I find this decision restrictive for the majority of homeowners who are currently struggling to meet their mortgage payments, especially whilst the government are urging financial institutions to help homeowners through these difficult times.

 

Thank you

K_S

@misskasumner Halifax's published I/O policy is "Sole applicant with an income of £100,000 or more" so imho the complaint is unlikely to go your way.

If you are open to remortgaging and have sufficient equity in the property, with a 75k inckme there are other lenders who may consider offering I/O or part and part mortgages. But of course that'll be dependent on the details and meeting the criteria. 

Thrugelmir

misskasumner said:

 

I currently have a mortgage with Halifax. I am up to date with my mortgage payments but am struggling to survive each month.

 

On a salary of £75k per annum sounds as if your issues lie elsewhere. Unsecured debts a problem? Expensive car lease? 

MFWannabe

I think if you’re struggling on a salary of 75k per annum you should post on the debt free wannabe board and post a statement of affairs and see if people can advise best way to cut your living costs before considering changing your mortgage