Hello forumites
Is this process as simple as a phone call to my lender?
Our IP is currently vacant, and we are in the throes of SERIOUS cash flow!!
We've got virtually nil redraw on our PPOR (but we have our own mortgage payment already put March and about 1/3 of April's).
If I give my lender a month's notice to defer 1 month's payment, would this be faesible?My partner's only just now started getting casual work together, so I'm maybe jumping the gun here, but I want to get some clarity now rather than wait till April ticks over and we find ourselves short again.
Any worthwhile ideas would be appreciated.
Paul
Paul
Depending on who the lender is will determine whether your request will fall on deaf ears on not.
The larger Banks will certainly more simpathatic than the smaller securitised lenders.
Many lenders offer a payment holiday which you could apply for on your PPOR and then use these funds to service the IP.
Missing a loan repayment could have dramatic effects on your credit rating and loan history for some time to come so personally i would use only do this as a last ditch action.
Richard Taylor | Australia's leading private lender
You may have to drop the rent $20 a week that you are asking for this is what I had to do as I had 3 months of vacancy.
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