Interest only mortgage deferral
So I was talking to my bank's mortgage advisor about options with regards to possible mortgage deferrals as my income has taken a hit.
They suggested since I don't feel like I need a full mortgage deferral that I could do a interest only payment for a couple of months to help ease the burden of current ongoings.
What are everyone's thoughts on this? I understand I still owe the money and will either lump-sum once my work hours return to normal or I'll adjust future payments to make up the difference. And I'm also aware it'll increase the total cost of my mortgage because of carrying over these payments.
Just wondering if there are any other drawbacks I should look for?
They suggested since I don't feel like I need a full mortgage deferral that I could do a interest only payment for a couple of months to help ease the burden of current ongoings.
What are everyone's thoughts on this? I understand I still owe the money and will either lump-sum once my work hours return to normal or I'll adjust future payments to make up the difference. And I'm also aware it'll increase the total cost of my mortgage because of carrying over these payments.
Just wondering if there are any other drawbacks I should look for?