[ Post New Message | Post Reply to this One | Send Private Email to LowdownLucy | Help ]

Interest only mortgage

from LowdownLucy (chonged_@hotmail.com)
I have recently been made redundant and am in arrears with my mortgage payments. I have been told that The Benefits Agency will pay the interest element of my monthly mortgage payments, but they will only start paying once I have been unemployed for 39 weeks.

I understand that my mortgage lender will probably not move to repossess my property within this 39 week period. However, even if I can hold them off for this 39 week period, I assume that they will not be happy about receiving only the interest element of the payment.

What I want to know is whether it is possible to convert to an "interest only" mortgage and if so, would the mortgage lender be willing to do this in the knowledge that the payments would be made by The Benefits Agency and not myself.

Any advice appreciated.

Lucy

(posted 8606 days ago)

[ Previous | Next ]