Mortgage advice please

[Suki]

Hello,

To cut a long story short I’ve recently split from my gf and have had to take over all bills, now thing is I work as a contractor and maybe I’m being paranoid but what options do I have if say this contract ends because I can’t be sure when the next contract will come along, could be straight away a month 2 months 3 months etc.

In terms of mortgage payments although the payments aren’t a lot.

Are there any options I’ve already looked at renting the house out but that’s also proving a farce both private and agency.

Can you switch to interest only and switch back ? Can payments be freezed.


Thanks.

 

[lookinginvest]

If you do have issues in the future it is better that you approach your mortgage company with some options/ideas rather than let your mortgage arrears grow and grow. Are you not obligued to tell them if you financial circumstances change?

 

[FWL]

I would sit down and review your finances at the moment and also take note of the minimum income you need to survive. Have you thought about taking in a lodger?

 

[totallyproperty]

Hello,

To cut a long story short I’ve recently split from my gf and have had to take over all bills, now thing is I work as a contractor and maybe I’m being paranoid but what options do I have if say this contract ends because I can’t be sure when the next contract will come along, could be straight away a month 2 months 3 months etc.

In terms of mortgage payments although the payments aren’t a lot.

Are there any options I’ve already looked at renting the house out but that’s also proving a farce both private and agency.

Can you switch to interest only and switch back ? Can payments be freezed.


Thanks.

Hi Suki,

I would recommend having a chat with a mortgage specialist that we have worked with over the years, they are very helpful and would be able to offer you impartial advice. Please contact Lucy on [email protected] and say that Property Forum have recommended them and I'm sure they will be able to offer some help.

Best wishes,

Kelly

 

[lookinginvest]

Hi Kelly,

What kind of mortgage finance does Lucy specialise in?

 

[totallyproperty]

Hi Kelly,

What kind of mortgage finance does Lucy specialise in?

Buy-to-let really, so ideal if you're considering renting a property out for the first time and want to understand what level of mortgage you could get

 

[Nicholas Wallwork]

Buy-to-let really, so ideal if you're considering renting a property out for the first time and want to understand what level of mortgage you could get

They also cover development financing, bridge loans, HMO specific mortgages...

 

[Peter J How]

Can you switch to interest only and switch back ? Can payments be freezed.

If this is a residential mortgage I recently found out that you need to be at 75% LTV and no higher to get on interest only. Of course in adverse circumstances it is always worth discussing with your current lender. Payment freeze for short period maybe possible, they will just add the interest owing to you loan capital is my understanding (not had to do this, but I can't see how else a payment freeze would work).