Mortgage Holiday - during break up

Moore

Help!

I am going through a relationship break up after quite a few years and need to cover my half of the mortgage whilst not living there and obviously I need to pay for somewhere else to live, this proving to be a very stressful time.

I have spoken to the Mortgage company and it looks like we are eligible for a Mortgage Holiday anywhere from 3 - 12 months, this would give some breathing space whilst the flat is up for sale which it will hopefully do!

The interest accrues and is included when we finally pay the mortgage off

Is there any advice or can anyone see if there will be any problems with this, or anything I should or shouldn't be saying to the mortgage company when going through the application process.

Many Thanks

lisyloo

Is there any advice or can anyone see if there will be any problems with this

I can see the attraction, but long term it isn't a good plan because you'll ultimately pay more interest.

Also if the LTV is high it could stop you remortgaging or selling.

How much is the flat on the market for?
How much is the outstanding mortgage?

How big is the flat?

Could your partner get a lodger? (if more than one bedroom).

Moore

we want to sell the flat as quickly asap, Flat will be on the market for £170,000 - outstanding mortgage is £135,000

It's a one bedroom flat and is currently empty as my partner is staying with family, renting it out has not been accepted as an option by my ex partner....and I do not wish to stay in the area, so it's all a bit complicated.

Moore

any advice appreciated!

poppy10_2

If you want a quick sale, it's probably better to slash the price now. Think of how much interest will accumulate if it doesn't sell for twelve months, and then knock that off the asking price.

Moore

Going to put it on at a great price, but I need somewhere to live now, hence the Mortgage Holiday - if it takes 3 - 4 months it wouldn't be a disaster, I guess....