Switching to interest only mortgage

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10 Nov 2009 00:00 by andrea_p Star rating. 8 posts Send private message

Hi  - 

We are having difficulty paying our mortgage at the moment. We have a repayment mortgage and have always paid on time for the last 7 years. We are not in arrears but were wondering if the banks would let us change to interest only for a while to make things easier. We approached our bank a year ago but they refused (Banco Sabadell Atlantico).

I seem to remember reading that banks have to consider this proposal now. Does anybody know if this is true?

Thanks in advance, Andrea





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10 Nov 2009 20:08 by RicardoPT Star rating. 1 posts Send private message

Hello Andrea,

My own bank Banco de Valencia have offered me an interest only payment for 3 years. I am thinking of it.

They approached me, rather than me asking them. They want to be sure I can pay, they definitely do not want the house to be turned over to them as a repossession if I do indeed get into difficulties.

I am sure most banks will offer this including yours...If you have a perfect payment record then they should agree, if you dont then you should agree even quicker.

Good Luck

 

 

 

 





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11 Nov 2009 13:10 by andrea_p Star rating. 8 posts Send private message

Hi Ricardo - that's a novelty - the bank approaching you!

We do have a perfect payment and credit history so I guess we should try again.

I thought I read somewhere that they were obliged to help if possible, but I probably didn't read it correctly.





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17 Nov 2009 17:37 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

Smiley´s avatar

Hi Andrea they are not OBLIGED to change you to interest only but all lenders have been encouraged to listen with sympathy by the authorities - many lenders are lending a more sympathetic ear than 12 months ago but it is down to bank discretion - Good luck.



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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