Advice on reducing mortgage payments

[L4dyluck]

Hi guys
More advice needed so if anyone can help a big thankyou in advance !!

So bare basics... Have a mortgage with my XP and mum. Basically XP is no longer paying the mortgage and so it's just myself and my mum.

After May, we may struggle with the repayments and I want to right a letter to my mortgage company to see if we can lower the payments by switching to a interest only for a short term while we sort ourselves out.

I would just like some advice on what sort of things I should write/include in the letter and if anyone has any experience with this type of thing!

It may pan out ok and we can afford it but I want to be as prepared as possible with all options

Thanks again

No need to write a letter - just call up your mortgage company and ask what your options are for reducing your monthly repayments given you are currently struggling to afford them. They should be able to advise over the telephone on whether switching to interest only is currently open to you (it may be unlikely if you are part way through a fixed term but the lender might be flexible as repossessing would cost it far more if you are unable to meet your current repayments). Clearly though, you need to get your XH's name off the mortgage and title deeds if he isn't contributing financially. I don't know your back story but hopefully you are in the process of sorting out a financial settlement to extricate yourself fully from the marriage.