mortgage freeze - how long

Hi because of different circumstances myself and my boyfrien have found ourselves in the position that we need a freeze on our mortgage. Can anyone advise on the process involves, how long could we freeze for, do you think bank (TSB) wouls extend the freeze time & make an allowance. My boyf is heading back to college for 14 months and unless we can pretty much stop any mortgage payment we will have to sell. He should be guaranteed a decent career after graduating. (is this a barganing tool?)

Do you know what the penalty for a freeze is.
Is there such a thing as taking a break only to add the tome missed on to the end of your morgage instead of accumulating 10 or 15K in interest.

TSB have asked that we put our situation into writing and how we want them to help before we come in. So what do we ask for??????

The meeting is tomorrow!!!!!

Its a mortgage of 265K and over 35 years. We really want to avoid selling.

Hi
I went abroad last year for work, and I got a moratorium on my mortgage for 3 months. There were no specific conditions/penalties attached to this, but obviously since I wasn't paying the mortgage, the interest would have increased during that period, and of course, the capital stayed static. Whether you extend the term, or accrue interest, you will end up paying either way, I suspect. And I can't imagine that the bank would freeze interest.
The only forms I filled in were to confirm the months I would be taking a mortgage break for. I just asked the bank, and there was no problem with arranging it.
I'm not sure what the situation is for longer periods of time however,
Hope this is of some help,
Best of luck tomorrow, hope it goes well for you both!
nicola

thanks for the advice.

the only thing is that we would be looking for a break for the year. `im not too sure how that will work out!

I guess all we can do is ask.

Longest mortgage repayment holiday is usually 6 months. If your existing lender won't play ball, you could always consider switching to another lender and borrowing 14 months repayments while you're at it. When your boyfriend is in a well-paid job, you can start overpaying to clear the loan off early.

Liam D. Ferguson
www.ferga.com