After being made redundant last year I found out I was pregnant with twins so decided to wait before returning to work. My mortgage company allowed me to move onto interest only for 12 months and advised me at the time I could do this for a max of 3 yrs through out the term of the mortgage with them. However, upon contacting them again recently they advised interest only is an option they no longer offer and they can not tell me what my options will be until a month before my 1 yr interest only anniversary in May. (I'm expecting my twins in April). If Halifax tell me in April that I have to return to repayment mortgage I am not going to be able to afford to make the repayments. I do plan to return to work at some point but as a single parent and the cost of child care for twins, this may not be as soon as I had originally envisaged. Are there any companies out there that will allow me to have an interest only mortgage with the for a few yrs til the kids reach school age? I have quite a bit of equity in the house, approx45% of the value, and have never defaulted on payments.
I am going to be completely stuck if I can't find an interest only mortgage.
I am going to be completely stuck if I can't find an interest only mortgage.