Halifax- Payment Holidays

jasons_2

I wonder if anyone can offer some advice?

My wife was on maternity leave last year, and as I had just started working for myself money was tight. We decided to use a 6 month payment break on our Halifax mortgage- this was from April to September.

As working for myself wasnt going too well I got a full time job at the begining of September- it paid quite well and we were able to put some money into savings.

However, a week before christmas I was made 'redundant' (inside probationary period, company in financial trouble etc). The job market seems quite flat at the moment, and allthough I'm getting interviews I've yet to get an offer.

I have about 4 months salary in our savings account but am worried about the job situation long term. I thought I would see if it would be possible to take another payment holiday so as to keep our cash for real emergencies.

The Halifax have today said that you can only take up to 6 months break over the life of the mortgage- this could obviously be a problem say in 2 months time when my money runs short..

Has anyone any suggestions or experiences with the Halifax who could offer some advice- my only other idea is to make an appointment in branch to see someone so I can put my case across. I've mever missed a payment on my mortgage in all the 8 years I've held it.

My wife is now back at work, but I have always been in the position of paying all the large amounts as the gap in our salary's has been quite big and she cant afford to pay it on her own.


Jason

Greensprout

Have you not got insurance cover for redundancy etc?

jasons_2

No, we decided against it- 2 factors, cost and also a 3 month wait before claiming. Also, technically I wasnt made redundant as I was let go at the end of my probationary period.


J

Bestthingsinlifearefree

It it a capital and interest repayment mortgage ?

If so could you switch to interest only to reduce your monthly costs until your situation improves and then revert back to capital and interest.

Obviously while you are on a interest only mortgage the capital is not reducing,so it is not a good long term strategy but in the short term it could give you some breathing space.

regularsaver1

The maximum they can apply is 6 months - but if you call the collections unit they might be able to make an arrangement for you. I know that no one is branch will be able to help - they would put you on the telephone to the department - who have the authority to make arrangements.

if you call the mortgage line, they can put you through. ps you probably wonder how i know, lets just say i know.
Good luck