Will Pepper warehouse some of mortgage?

[meath man]

The recent and upcoming interest rate increases will mean I won't be able to pay all of my mortgage.
My house is just about out of negative equity and I have been paying my mortgage on time.
I am aged mid-fifties, I am paying over 50% of my income on mortgage repayments and it's crippling me. And it's going to increase.
I need to save for my retirement and my plan is to sell the house when I'm 60, there should be sufficient equity in it by then to enable me to buy a much smaller, cheaper house. My query is this - how likely are Pepper to do a deal with me to warehouse some of the loan so that I can put some money into a retirement fund for myself?

 

[Merowig]

That’s a question only Pepper can answer. Mabs might be able to assist. Best of luck!

 

[Brendan Burgess]

I need to save for my retirement

Are you saying that you want to save for retirement with money which you should be paying your mortgage with?

Your priority is to pay your mortgage and I doubt that Pepper would warehouse any of it.

However, if you are unable to meet your repayments, they will probably reschedule it.

You should probably do a full money makeover https://www.askaboutmoney.com/threads/basic-information-required-for-the-money-makeover-forum.61289/ to get overall advice on your situation.

Dealing with the mortgage in isolation is not a good idea.

Brendan

 

[meath man]

It's not that I want to 'not pay my mortgage because I want to have a nice retirement' - it's that I'm being responsible and I am looking at a long term plan (10-20 years), a big part of which is trying to extricate myself out of debts that has its genesis in the financial crash. I will never have the capacity to pay my existing mortgage in full from my income so selling the house when my family are reared in 5 years time is the only thing to do. Any experienced credit risk person in a financial institution would be able to see this too when they look at my profile. My engagement with Pepper in the past has been with people who are inexperienced and just simply couldn't (or didn't want to) engage in a conversation about the long term.
I was hoping that there might be someone on this forum who has had dealings with Pepper recently as I'm just trying to gauge the mood with them/establish if there are people in there who will have a grown up conversation


Moderator's note: @meath man's Money Makeover thread is here.