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Interest only
pevonia
Posts: 41 Forumite
Can you point me in the right direction. I sm on interest only and have retired. The mortgage expires soon I do not have the money to pay it off. My building has the same s grenfil fire snd we are not allowed to sell. Does the benefit agency help with interest only payments. I can’t afford mine is £884 per month
(Removed by Forum Team)
please if anyone can help.
(Removed by Forum Team)
please if anyone can help.
Kind regards
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Please remove your email address from your post. Forum rules don't allow it but it's to protect you from unwanted communication also😊
If you click the cog on your post you will see a edit option2 -
If the mortgage expires soon you will need a way to pay it off or the house will be repossessed.pevonia said:Can you point me in the right direction. I sm on interest only and have retired. The mortgage expires soon I do not have the money to pay it off. My building has the same s grenfil fire snd we are not allowed to sell. Does the benefit agency help with interest only payments. I can’t afford mine is £884 per month
my email
please if anyone can help.Kind regards
Speak to the lender about your options.0 -
@pevoniapevonia said:Can you point me in the right direction. I sm on interest only and have retired. The mortgage expires soon I do not have the money to pay it off. My building has the same s grenfil fire snd we are not allowed to sell. Does the benefit agency help with interest only payments. I can’t afford mine is £884 per month
(Removed by Forum Team)
please if anyone can help.Kind regards
Mortgage - I would recommend speaking to your lender asap. If your property is practically unsaleable due to fire-safety issues, they have a lot of flexibility that they can apply. Generally speaking, it's not in their interest to repo a property that's particularly hard to sell.
Unable to afford payments - speak to a debt advice charity like Stepchange or CAB for proper advice. If there are any benefits that can be availed of to help with the situation, they should be able to point you to it.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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SMI is a benefit in the form of a loan. It will pay the interest up to limits.What plan was there to clear the mortgage originally?
Hopefully your cladding issues will be sorted soon, which will give you more options. In the meantime your lender may agree to extend your mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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