Hi there. I have a mortgage with C&G which is currently at 100k and two years ago I had missed some payments due to financial diffculties. I'm still in arrears but they are being paid off. The only problem is that the monthly repayments are now over £850 which is a lot.
I should say that over the last year, I've paid the mortgage monthly without a problem but I'm starting to find it difficult again to pay my mortgage as I am barely trying afford normal household costs.
I wanted to know if there was anything I could do to reduce the mortgage payments for time being. I've had this mortgage for around 14 years and have remortgaged once. My home is worth around £180,000. And I've got another 11 years left on it.
I'm going to speak to C&G to discuss my options but I wanted some opinions on what I could do to reduce the payments. I should say by the time i have finished the mortgage I will be 57.
I have heard that if you're having payment difficulties, you can switch your mortgage to interest only for a short period. What exactly are the requirements of this?
If I can pay interest only for 6 months or so and then switch back this will save me a lot of headache and I could become more stable. My kids will start to contribute £100 per week in around 6 months or so, and I was wondering if my bank would let me switch to interest only payments for a short period of time.
Would appreciate your thoughts
Thanks
Read more: Switching mortgage payment method?
