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Original poster

Mortgages - remortgages etc

8 replies

charliesmummy · 20/10/2002 05:07

Does anyone know how Baby Break Mortgages work. Due to my impending redundancy I don't want to loose the house, so I was thinking of a way around the problem; ie not have to sell the house but reduce the mortgage greatly. Any ideas - all advice welcome. Financially confused!.

OP posts:
robinw · 20/10/2002 08:00

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PamT · 20/10/2002 11:19

I asked about baby breaks a few years ago when we were having financial difficulties and was told that it was only possible if you were in a baby break mortgage and I think you had to pay a bit more up front to be able to take time out. I would recommend that you speak to your lender at an early stage to decide on contingency plans. It might be worth you changing the mortgage (possibly with the same lender) and having a low start one for a few years. We wanted a fixed rate for ours and were offered this or 12 months at very low payments followed by so many years at a variable rate or a higher fixed rate. This was all with our current lender (Bradford & Bingley) so it only took a phone call and a signature to set up. Its worth checking out.

Scatterbrain · 20/10/2002 19:43

Another option might be to extend the term of your current mortgage - ie. if you've got 17 years left extend it to 25 years and the payments will reduce ! Obviously only to be done if desperate as you'll end up paying more back - but at least you won't lose the house !

HTH ?

Original poster
charliesmummy · 24/10/2002 19:41

Thanks - sorry have not said that earlier, but I am investigating all options this week and I am in a rush - as if you could not guess. x Robin - its with the C&G.

OP posts:
robinw · 24/10/2002 22:27

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bee · 25/10/2002 12:15

Standard life so exactly the same thing - not called Babybreak, but it works the same way. You can overpay anytime if you want to, and because it only calculates interest on a daily basis, not annually, thie reduces the total amount you owe. You can then take payment holidays or whatever when you need to. (and no, I'don't work for them!) It's called Freestyle mortgage.

Original poster
charliesmummy · 29/10/2002 01:04

Thanks Bee - they are on my list to call as we have an endowement policy with them and have had for 13 years or so.

OP posts:
robinw · 29/10/2002 06:03

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