Cancelling mortgage repayment / Taking a break

mathie

Hi
I own a house with my sister and we're putting it for sale this month.
Our mortgage is with Bank of Scotland.
What are the chances of being allowed to take a break on the repayments? If so for how long?
Or would they allow us to stop making payments until we sell the house?
Or is this adviseable?

Thanks
M

robd

mathie wrote:

Hi
I own a house with my sister and we're putting it for sale this month.
Our mortgage is with Bank of Scotland.
What are the chances of being allowed to take a break on the repayments? If so for how long?
Or would they allow us to stop making payments until we sell the house?
Or is this adviseable?

Thanks
M

All depends on the lender. Ring them and ask what they'll offer. There's not much that anyone can really tell year here. Generally they won't but might allow you interest only.

Zambia

Mine allowed me this state of grace for three months during the sale ....i had been with them over three years. Ring BOS they will give you a decision quick smart

P>S The sale took 5 months and thats before the market was up the left

Victor

I think stick withthe interest only option, especially if you need the tax relief more than the reduction.

Lex Luthor

normally they give you a 3 month moratorium. You won't pay them any repayments but they will add the interest on monthly anyway so as Victor says, it'll be equivalent to an interest only mortgage