Will the bank convert to interest only?

[Parrotcoop]

For a period of time, while the house is sold?

A change of circumstances mean we can't pay the mortgage and the house will have to be sold. If we tell the bank that, what will they do? Is there any possibility they'll accept interest only payments until it's sold, assuming that's a reasonable time frame? (What would be a reasonable time frame ?)

In theory, yes. It will depend on how realistic your plan to sell is (eg, how long will it take, is your projected price achievable). It's a ballache for the bank to repossess so they'd sooner work with you. You should speak to your lender - or your mortgage broker if you used one. I'm sorry you're going though this.

@Parrotcoop is it you can’t pay anything I.e.e £0.00 or is it the monthly payment is £1000 and you can only pay £750?

What you need to do is work out what you can sensibly afford to pay then talk to your mortgage provider, The quicker you do this the better.

A big mistake people make is if they can’t pay the full amount they pay nothing. If you pay what you can the impact is much less. For example If payments are £1000 a month and you pay nothing for 6 months you are £6000 in arrears. If you pay £750 a month after 6 months you are only £1500 in arrears.

Yes, under the FCA mortgage charter if you are up to date with payments you can ask to convert to interest only for 6 months, at which point it will convert back to repayment thereafter