My trust deed has recently gained the 'Protected' status, with us paying ?ú140 a month towards it, and ?ú20 a month to protect our house.

My husband is a student and has just finished his college course (HNC) however is continuing his studies after the summer, whereby he will be attending University in September. Unfortunately during these summer months, July & August, he does not get his ?ú390 a month payment from the Student Award Agency, as he is not studying then.

However my query is this.

As we are struggling to manage again this month and have been having to get the odd bit of financial help from my mum-in-law, not to mention July and August with no payments, we have queried with our Mortgage provider with regards to going onto 'Interest Only' payments for the next six months, to try and get back on our feet.

As we are already down ?ú390 for the next two months, and will be continuing to try and repay family with what they are giving us, can you please tell me if we were to go interest only, would the money we are saving each month therefore have to go straight towards my trust deed, and therefore be a waste of time applying for this? Or would I be able to continue paying what we already pay for the trust deed, but continue on 'Interest Only' mortgage for the next six months? If we went Interest Only, we would be saving somewhere in the region of ?ú150 a month in payments, but it would save us from borrowing any more from family and let us repay them asap.

Thanks for reading and would appreciate any advice.