Help needed re Interest only mortgage

[ROME2MANDALAY]

Really hope somebody can help us.

I will give you the background....

We own an apartment (have a repayment mortgage) and I am having to relocate to another city with my job. We will be renting in the other city and applied to our bank to put our current existing mortgage onto interest only (we have the flat up for sale and have already dropped the price by £16k, can't sell as there are so many apartments round here) so we are looking at renting our flat out.

When we rang the bank last week, we gave them all our outgoings etc...and they said we fit the criteria to go to interest only.

 

We explained the situation to them, that we will have to pay for rent AND our mortgage and can't afford both etc...

 

Now we have been told that our application has been denied, on the basis that we CAN afford it. The only thing they can do for us is to extend the term of the mortgage so that it will be slightly cheaper (still can't afford this payment, it is only £70.00 less than we pay now, the interest only was over £300 less).

 

Is there anything we can do about this? We have all the stress about moving house, jobs and now this.

 

I told them we can afford to make monthly payments of £420.00 or we will cancel the DD. No help whatsoever.

 

My partner has been a customer of theirs for over 20 years, and we are at our wits end with this.

 

Please help...

[Guest Old_andrew2018]

have you considered renting out your apartment, for the time being