Still on bench and might have to sleep on it as well

[Old Greg]

If you're going to pontificate then at least learn to spell.

Have a go at correcting the spelling.

[Power Mortgages Ltd]

MPwannadecentincome have you considered the option of a payment holiday on your mortgage?

Most lenders offer this facility and may give you a little rest bite whilst things get sorted? A lot of lenders will give you 3 months payment holiday, if not 6 months or in extreme circumstances switch the mortgage to interest only for you.

This may help your cause with outgoings for the time being?

[Dactylion]

MPwannadecentincome have you considered the option of a payment holiday on your mortgage?

Most lenders offer this facility and may give you a little rest bite whilst things get sorted? A lot of lenders will give you 3 months payment holiday, if not 6 months or in extreme circumstances switch the mortgage to interest only for you.

This may help your cause with outgoings for the time being?
Last edited by Power Mortgages Ltd; Today at 20:16. Reason: spelling!

FFS How bad was the one you corrected??

[MPwannadecentincome]

MPwannadecentincome have you considered the option of a payment holiday on your mortgage?

Most lenders offer this facility and may give you a little rest bite whilst things get sorted? A lot of lenders will give you 3 months payment holiday, if not 6 months or in extreme circumstances switch the mortgage to interest only for you.

This may help your cause with outgoings for the time being?

I am on interest only already. In the interest of preserving my credit record I am trying to borrow money from family to pay the mortgage, failing that yes I will ask for a mortgage holiday, thanks for the advice.

[Power Mortgages Ltd]

I am on interest only already. In the interest of preserving my credit record I am trying to borrow money from family to pay the mortgage, failing that yes I will ask for a mortgage holiday, thanks for the advice.

A payment holiday shouldnt affect your credit record as it is an agreed facility that banks offer as part of their mortgage. Commonly used for periods of unemployment, travelling or if you just fancy a break from the mortgage for a few months to cover other bills etc.

The lender would then recalculate the payments once you start paying the mortgage again by including the payments you would have paid over the remainder of the term.

Essentially if you pay £100 per month and take a payment holiday of 6 months, they will add £600 to the mortgage payments left so if you had another 10 years of £100 per month (total of £12,000) you would then have to pay back £12,600 over the 10 years so your new payments would be £105 per month.

Some lenders will just tag the 6 months onto the end of the mortgage so instead of your mortgage finishing in 10 years, it would then finish in 10 years and 6 months and you make up the additional 6 payments at the end of the term.

Either way though, you get the respite (fixed it for you Dactylion ) you need with finances without messing up your credit file.

Good luck with things though.

[DimPrawn]

So this is what everyone is doing is it? Switching to interest only and taking a payment holiday. No wonder the economy is looking better, zero mortgage payments whilst everyone stocks up on bigger TV's and more tattoos.

[MyUserName]

I know someone as well and this sounds not right.

All went amicably to start with. Sold the house split the proceeds of the profit.£40K total.

BUT, credit card bills were £20K so husband expects pay this, and then split the remaining £20K. £10K each.

So gets advice from her solicitor and he says dont pay the CC - leave it to him. The cards were in his name and she was a cardholder.

End result hes got to pay the bills leaving him with nothing and she gets to keep £20K. Apparently, his solicitor told him he could do nothg about it.

Thats just wrong surely....?

That sounds harsh. My brother's ex wife ran up huge credit card bills when he was away purely out of spite as far as I can tell. When he came back she told him he had to pay them as she did not have a job (they were joint cards). These massive debts were still live when she walked out. However, he went to court and argued that the army could verify he was in Bosnia or Iraq or somewhere shooting at people so all of the debts were run up by her for no reason other than spite. The court decided she had to pay the debt off herself he did not have to contribute.

[vetran]

That sounds harsh. My brother's ex wife ran up huge credit card bills when he was away purely out of spite as far as I can tell. When he came back she told him he had to pay them as she did not have a job (they were joint cards). These massive debts were still live when she walked out. However, he went to court and argued that the army could verify he was in Bosnia or Iraq or somewhere shooting at people so all of the debts were run up by her for no reason other than spite. The court decided she had to pay the debt off herself he did not have to contribute.

As MUN says surely the OP can identify which card was used and only pay for his?

[lukemg]

Never understood this obsession with paying off your mortgage. That leaves you with a massive illiquid asset consuming most if not all your IHT allowance ??? Then people end up selling to a dodgy company to free up cash ! WTF ?
I will be quite happy to have a huge mortgage outstanding to reduce the impact on my estate. It takes discipline but I would be much happier having an offset account containing any overpayments which I can use/move around later if needed.
I will be remortgaging soon and going interest only, offset by big chunk of cash which will be the fixed interest element of my overall asset allocation.

[DimPrawn]

Never understood this obsession with paying off your mortgage. That leaves you with a massive illiquid asset consuming most if not all your IHT allowance ??? Then people end up selling to a dodgy company to free up cash ! WTF ?
I will be quite happy to have a huge mortgage outstanding to reduce the impact on my estate. It takes discipline but I would be much happier having an offset account containing any overpayments which I can use/move around later if needed.
I will be remortgaging soon and going interest only, offset by big chunk of cash which will be the fixed interest element of my overall asset allocation.

Offset is a great idea. It means if you see (for example) a villa abroad you fancy at a knockdown price you can use the offset money you've built up to buy it, no mortgage to sort out etc.

That's how I bought a villa on the cheap many years ago, which I later sold at a good profit.

If instead I'd have paid my mortgage off, it would have been much more complicated.

Also a great way to have a warchest that you can dip into, whilst effectively getting a rate of return equivalent to your mortgage interest.