Mortgage repayments

BarmyBubba

I am leaving my present job on the 30th and starting a new one on May 12th. Unfortunately the period inbetween will not see me earn any money so come the end of May, I will be out of pocket.

In view of this, and due to no savings, I wont be able to meet all my financial committments.

I am not being made redundant, but the dates for the change of job cant be helped.

My mortgage is with Birmingham Midshires; if I explain the situation to them how likely is the chance of deferring a months mortgage payment - in effect extending my mortgage period by one month?

I would rather be upfront with them in advance.

Any advice would be appreciated. Many thanks.

UK007BullDog

No chance of borrowing and begging of mates, friends, and family?

You can ask but it will cost you by charging you a fee. Better to beg and borrow relations.

BarmyBubba

Its not really something I want to do. If I borrow, I have to pay back in the near future. If I can defer my mortgage for one month, it just means an additional payment at the end of my mortgage. What sort of charge do they enforce?

UK007BullDog

Read the T&C of your mortgage docs or just give them a call. Ask them, you dont need to give your full name or account details as you are just asking.

kunekune

Don't you have any holiday due?

Tiddler_2

They may offer you a payment holiday, rather than a deferment. On that basis you would pay a little bit extra each month, to make up the missed payment over the remaining term of the mortgage.

silvercar

Far better to not pay your credit card in full or be late paying other bills than get a late mortgage payment on your credit file.

Ian_Griffiths_Halifax

Something I would NEVER normally advise, but is it possible to borrow cash in the short term on your credit card, to make the mortgage payments, rather than miss the credit card payment to make the mortgage payment?

I must stress before I am shot down in flames, this is a LAST RESORT if you cannot borrow the money form elsewhere on a cheaper interest rate (family are often free) or take a payment holiday on the mortgage.

Conrad

Give BM a go. The FSA require lenders to TREAT CUSTOMER FAIRLY throughout the life of the mortgage and to take account of customers changing circumstances.

The downside risk is that the credit agencies will reflect this payment holiday as arrears so you need to be VERY careful and never take a lenders word for it that arrears wont be lodged - check yourself with the 2 main credit agencies if you take a pay break. Get everything confirmed in writing prior to taking the pay break.

sarahowen

I was just having a quick read of this as I am in a similar situation and cannot take a payment holiday as I have been late with all the payments this year. Do they really think of it as arrears if you take a payment holiday?

Has anyone had any luck deferring a month's payment? I too, can't borrow the cash from anywhere... How serious is a late mortgage payment on a credit record? Mine's pretty shot anyway...