Hi All, I wonder if anyone can help me as I am in a difficult situation with my mortgage and desperately need help and advice :(
When my ex partner and I split up 1 1/2 years ago, as I was on maternity leave, my job had finished and I had a 6 month old daughter, I went onto Income Support, and changed my mortgge with my lender, Santander, to an Interest Only mortgage. This means benefits will pay a portion of the interest, I pay the rest, but they will only pay on a IO mortgage, not a repayment.
I explained this to Santander when I changed my mortgage and they transferred me onto the IO mortgage.
After having this mortgage for a year, they wrote to me saying that it would finish in another years time. I phoned them, to say I was still a stay at home mum and would need the IO mortgage to be extended temporarily until 2014 so that I can get help with childcare when my daughter is 3 allowing me to go back to work so I can afford to start repaying the mortgage. I was told by the person on the phone that I should 'get a job' or 'get a lodger' (impossible I live in a 2 bedroom flat with a toddler) or 'ask friends or family to help' - absolutely outrageous:mad: i wrote to complain but didn't hear anything. I was really upset by this but rang back (as I've been told can't talk to anyone in branches about mortgages) and was told that they would be able to help in another 6 months there was nothing they could do now.
fast forward 6 months til now - my daughter is 27 months old, no circumstances have changed. I stay at home to look after her. I don't get any money from her father (this is being looked at by CSA) I don't have a car, no loans or debts, have used up savings, and am very careful with money. I was told today by Santander that there was categorically NO WAY they could extend the period that I could pay interest only - I will have to return to paying repayments. The person on the phone did a budget planner with me and he could see there was no spare money to repay with. I told him that obviously my long term plan is to go back to repaying (I was on a fixed rate repayment mortgage for 6 years prior) but I needed another year (minimum) to get back to work and try to repay.
What can I do? Is there a possibility of switching to a lender that will offer me an on-going interest only mortgage until I get myself back into full time employment? I am so worried and upset I feel like I will have to sell my flat and move in with my elderly parents (who don't have room)
Sorry this is so long, please help I value any advice!!! Thanks so much
Lucebee
When my ex partner and I split up 1 1/2 years ago, as I was on maternity leave, my job had finished and I had a 6 month old daughter, I went onto Income Support, and changed my mortgge with my lender, Santander, to an Interest Only mortgage. This means benefits will pay a portion of the interest, I pay the rest, but they will only pay on a IO mortgage, not a repayment.
I explained this to Santander when I changed my mortgage and they transferred me onto the IO mortgage.
After having this mortgage for a year, they wrote to me saying that it would finish in another years time. I phoned them, to say I was still a stay at home mum and would need the IO mortgage to be extended temporarily until 2014 so that I can get help with childcare when my daughter is 3 allowing me to go back to work so I can afford to start repaying the mortgage. I was told by the person on the phone that I should 'get a job' or 'get a lodger' (impossible I live in a 2 bedroom flat with a toddler) or 'ask friends or family to help' - absolutely outrageous:mad: i wrote to complain but didn't hear anything. I was really upset by this but rang back (as I've been told can't talk to anyone in branches about mortgages) and was told that they would be able to help in another 6 months there was nothing they could do now.
fast forward 6 months til now - my daughter is 27 months old, no circumstances have changed. I stay at home to look after her. I don't get any money from her father (this is being looked at by CSA) I don't have a car, no loans or debts, have used up savings, and am very careful with money. I was told today by Santander that there was categorically NO WAY they could extend the period that I could pay interest only - I will have to return to paying repayments. The person on the phone did a budget planner with me and he could see there was no spare money to repay with. I told him that obviously my long term plan is to go back to repaying (I was on a fixed rate repayment mortgage for 6 years prior) but I needed another year (minimum) to get back to work and try to repay.
What can I do? Is there a possibility of switching to a lender that will offer me an on-going interest only mortgage until I get myself back into full time employment? I am so worried and upset I feel like I will have to sell my flat and move in with my elderly parents (who don't have room)
Sorry this is so long, please help I value any advice!!! Thanks so much
Lucebee