Mortgage holiday

maka_2

my in laws are thinking of taking a mortgage holiday because one of them as been made laid off, as the goverment made all mortgage companies offer so called morgage holidays? i think they are only looking to this this for 6 months just while he finds another job. is this a good idea and has one one done this on this forum yet?

feisty1

maka wrote: »

my in laws are thinking of taking a mortgage holiday because one of them as been made laid off, as the goverment made all mortgage companies offer so called morgage holidays? i think they are only looking to this this for 6 months just while he finds another job. is this a good idea and has one one done this on this forum yet?

DID THEY????

maka_2

feisty1 wrote: »

DID THEY????

dont know hence the question

superjaggybunnet

Have the government actually done this?

I could do with a mortgage holiday for a couple of months.

Any advice out there?

feisty1

Check to see if their mortgage has the facility already to take a payment hoiday? If not, are they on repayment if so, would switchig to interest only make this more manageable? This would be a better solution if possible......... The HMSS will allow people facing repossession to defer a portion of their mortgage interest for up to two years. It will be aimed at those who become unemployed or experience a "big cut in income". It is scheduled to launch in January...........With experts predicting house prices will fall by another 15% over the next year, the cost of a payment holiday could push some homeowners dangerously close to negative equity,(those with less than 25% equity in their property) which will make it very difficult for them to remortgage.”