Like most people I am struggling to keep up with the repayments on my 2 mortgages ( one mortgage was a further advance 1 year ago). I have approached my bank on several occasions to ask for help on re negotiating the terms of my mortgages but to no avail. I am currenly paying 6.45 per cent per month interest and my annual review is not due until November this year. I was wondering as I pay both capital & interest on each one, and as yet I have not defaulted payements on either, what would happen If I was to pay just the interest only. I have asked my branch manager in the past if I could covert to interest only for a short period of time and have been denied this option.
I will be running into serious problems financially in the very near future, but I am not getting any help whatsoever from my Bank.