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Northern Rock Advice Please!!!

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We have posted in General Debts as well to seek advice on CCAs, but thought it right to post here about our potential mortgage issues.


Took out mortgage in April 2007 - fixed rate for 2 years set at 5.49% this ends and will then revert to SVR at 7.49%.


Mortgage is the Together loan borrowing £196k of which £175k paid for the house.


This isn't really the issue, my wife has been off sick since May 08 after an accident in work and now we are coming to the end of her company sick pay of £1600 per month and will now only be able to claim £75 per week on SSP.


Our mortgage is in joint names and now we will only have my saary to pay the mortgage which we can not afford and live at the same time.


I am not sure what the options are, but would like some advice on this if possible. I am not an expert but are the following options a possibility;


1. Move to an interest only mortgage for a period of time


2. Extend mortgage period


3. Walk away and give house back and move to rented property (what are the consequences of this?)


4. Is it possible to downsize our mortgage by moving to a lower value house.


As I say this is just a brain dump of ideas, with no expertise in the mortgage market. Thanks

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I'm sorry I can't give you any advice. However i too have been off sick. I have kept Northern Rock informed, and after telling them I am going onto "no" pay this month, they have given us 3 months of half mortgage payments. They did this after i rang and told them i wanted to pay something rather than nothing. We are already on interest only and the house is up for sale.

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