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How to pay mortgage arrears

angeline · 2012-08-20 22:21:23

I have had a mortgage for a few years. I was unable to pay the mortgage for a few months and have now requested Interest Only, which I am now paying. I get phone calls every so often from a different person of the mortgage arrears support unit. One such caller commented 'we will deal with the arrears then'. Does anyone…

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20-08-2012 11:21pm

#1

angeline

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I have had a mortgage for a few years. I was unable to pay the mortgage for a few months and have now requested Interest Only, which I am now paying. I get phone calls every so often from a different person of the mortgage arrears support unit. One such caller commented 'we will deal with the arrears then'. Does anyone know how this is done. Clearly, I don't have the money. Do they just add it on to your existing mortgage. Thanks.

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#2 21-08-2012 8:13am
Pablo Sanchez

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Posts: 1136

Yes, normally if you are paying your mortgage for a period on interest only you are not reducing the capital that you owe.

When your interest only period is over then your new monthly repayment will be capital and interest over the remaining term of your mortgage, therefore it will cost you more then previously as you still need to pay x amount of capital but you have a shorter period to pay it in.

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