Hi everyone.
Apologies in advance for long post.
I got some good advice on Money Makeover forum a while back. Due to changes in my circumstances (reduction in salary, breakup of relaionship where live-in partner contributed to our overheads and to mortgage though it was in my name ) I was having increasing trouble making it though the month on my salary as am repaying personal loan, large credit card balance and hight mortgage. I also have a college age child to support who lives with me. The advice has been hepful in getting my head above water somewhat though emergency repairs to central heating boiler during big freeze wiped out most of the inroads on CC debt!). Early last year I had approached bank re goinng on to interest only on Mortgage for a period as the full amount is over half my monthly salary. After initial refusals by local branch I appealed and possibly due to good timing was allowed go on to interest only for a year period. Payments are still high (over 900 pm and am currently paying off a missed payment at an additional 100 pm_but am coping a little better with this as opposed to 1500 pm!) I recently called the mortgage section as I'd missed another payment (over Christmas but explained there would be enough in the account when they 'recalled' the direct debit in 10 days time). During the conversation I asked about extending the period of Interest only as if anything this year my income is even less (Universal Social Charge, more college expences, reduction in working hours) and they suggested I write a letter to the Underwriters requesting this. I was in a huge panic last year when I spoke to the contact there who was very helpful but can't recall her name. My questions are (a) does anyone have a 'standard wording' of such a letter or am I better 'pouring my hear out' as I'm doing here? and (b) what are my changes of getting it (is Ulster Bank mortgage that was procured through broker and tbh I was 'over sold' in terms of my income at the time which was better than it is now? Thanks in advance folks.
Apologies in advance for long post.
I got some good advice on Money Makeover forum a while back. Due to changes in my circumstances (reduction in salary, breakup of relaionship where live-in partner contributed to our overheads and to mortgage though it was in my name ) I was having increasing trouble making it though the month on my salary as am repaying personal loan, large credit card balance and hight mortgage. I also have a college age child to support who lives with me. The advice has been hepful in getting my head above water somewhat though emergency repairs to central heating boiler during big freeze wiped out most of the inroads on CC debt!). Early last year I had approached bank re goinng on to interest only on Mortgage for a period as the full amount is over half my monthly salary. After initial refusals by local branch I appealed and possibly due to good timing was allowed go on to interest only for a year period. Payments are still high (over 900 pm and am currently paying off a missed payment at an additional 100 pm_but am coping a little better with this as opposed to 1500 pm!) I recently called the mortgage section as I'd missed another payment (over Christmas but explained there would be enough in the account when they 'recalled' the direct debit in 10 days time). During the conversation I asked about extending the period of Interest only as if anything this year my income is even less (Universal Social Charge, more college expences, reduction in working hours) and they suggested I write a letter to the Underwriters requesting this. I was in a huge panic last year when I spoke to the contact there who was very helpful but can't recall her name. My questions are (a) does anyone have a 'standard wording' of such a letter or am I better 'pouring my hear out' as I'm doing here? and (b) what are my changes of getting it (is Ulster Bank mortgage that was procured through broker and tbh I was 'over sold' in terms of my income at the time which was better than it is now? Thanks in advance folks.