Interest Only

Good Afternoon all,

We are going to talk to our Mortgage Provider about going interest only for a few months.

The real reason behind this is we have a Credit Card debt that is killing us. And to go interest only for a few months it will give us time to take a chunk out off the amount, and make things more manageable for us.

But I don't think telling my mortgage provider that we have a small financial crisis would be a good idea. But what should I say the reason for going interest only?

Thanks in advance,

Flip

If you wish to go interest only you will need to have a very good reason, the lenders are entitled to ask for supporting documentation showing your income and expenditure. It is going to be quite simple for them to see spot your cc debt from your bank account or from the cc statement itself (if they request it).

Honesty is the best policy. I would hazard a guess that 90% of the people looking for interest only are having a small financial crisis. The banks are well aware of this.


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