Redundancy, want to reduce mortgage

[InDireNeedOfChocolate]

I've been made redundant but have enough to last 4 months as long as we don't get hit by any major expenses. Hopefully I can get a new job or sufficient freelance work soon but obviously in the meantime I'm trying to cut costs.
I'd like move our mortgage to interest only until I get a new role but am worried how the mortgage company will view this given that DH and I now earn half what we did when we first took out the mortgage. Anyone with experience of this?

I don’t think they’ll go for it, I’m not sure you can even get interest only mortgages now.

Thanks for replying. Is that based on your experience? I know new internet only mortgages are frowned on. We have LTV of 60% when we brought the house. It would be 40% now.

We tried to get one just after the credit crunch and got told no. You could try LONDON and county brokers. They get recommended on money saving expert.

Ah ok, it's not a new mortgage I'm after. I just want to know how receptive our current lender is likely to be to us reducing our payments for 6-9 months. Just in case it takes a bit longer for me to find a new job.

Just ring them. Tell them you've lost your job and can they help. They will do everything they can to ensure you keep your home. The last thing a mortgage company wants is you not being able to pay.

When we took out our mortgage they told us to let them know as soon as possible if things looked like they might get difficult. I would just speak to them and see what options they can give you.

With some mortgages you can take a payment holiday. We did this to extend my 3rd maternity leave a few months. It’s worth contacting your mortgage provider.