Hi,
We have recently been approved for "3 year interest only" mortgage repayment restructure
We are both unemployed and our social welfare was reduced by 80 euros /week due to declared partial land/house inheritance which is not possible to sell due to multiple inheritees.
We are paying a lot for our life insurance (160 euros/month) connected to mortgage due to declared illness(depression) at mortgage drawdown .Unfortunataly i still currently seeking treatment for this with neutral prognosis.
We can not afford this and contacted life insurer and they stated that this is the best they can do as it was already reduced from 200e/month couple years ago.
Should we just cancel this life policy now and maybe apply elsewhere? Will it breach our "interest only" mortgage contract if we cancel?
Any advice would be greatly appreciated
thanks
G
We have recently been approved for "3 year interest only" mortgage repayment restructure
We are both unemployed and our social welfare was reduced by 80 euros /week due to declared partial land/house inheritance which is not possible to sell due to multiple inheritees.
We are paying a lot for our life insurance (160 euros/month) connected to mortgage due to declared illness(depression) at mortgage drawdown .Unfortunataly i still currently seeking treatment for this with neutral prognosis.
We can not afford this and contacted life insurer and they stated that this is the best they can do as it was already reduced from 200e/month couple years ago.
Should we just cancel this life policy now and maybe apply elsewhere? Will it breach our "interest only" mortgage contract if we cancel?
Any advice would be greatly appreciated
thanks
G