M
Meath_John
Guest
Hi,
First time poster, Browser of topics pro.
To the issue ..Me and my better half recently applied for interest only payment for 5 months on our mortgage while my wife gives birth to our first child.
We have been refused on the basis that our capacity to repay based on our past bank statments is sufficient, we have been told that we can appeal but we have to make our next full repayment or face our credit rating been banjaxed
Now the whole reason we went to go on interest only is because my wife who earns more than my self has to give up work so her earnings will be gone and myself have been cut down to a four day week not looking good for the future and not earning enough to pay the bills, mortgage etc
While we have worked out that if we did get the interest only we would just about scrape it till she gets back working thats with reaching the limit on credit card and overdraft...
We have very little savings as I was out of work the year before and zapped most of it and my wife was made redundant and went self employed ..
Now is it just me or is the bank/building soc been a bit unreasonable here has it happened to anyone else recently ....what are the chances of winning the appeal?
Thanks
Meath_john
First time poster, Browser of topics pro.
To the issue ..Me and my better half recently applied for interest only payment for 5 months on our mortgage while my wife gives birth to our first child.
We have been refused on the basis that our capacity to repay based on our past bank statments is sufficient, we have been told that we can appeal but we have to make our next full repayment or face our credit rating been banjaxed
Now the whole reason we went to go on interest only is because my wife who earns more than my self has to give up work so her earnings will be gone and myself have been cut down to a four day week not looking good for the future and not earning enough to pay the bills, mortgage etc
While we have worked out that if we did get the interest only we would just about scrape it till she gets back working thats with reaching the limit on credit card and overdraft...
We have very little savings as I was out of work the year before and zapped most of it and my wife was made redundant and went self employed ..
Now is it just me or is the bank/building soc been a bit unreasonable here has it happened to anyone else recently ....what are the chances of winning the appeal?
Thanks
Meath_john