Redundant - take holiday payment before insurance kicks in?

LittleEmms

My dear mortgage yoda's - the wise one's ... I'm after some advice please

On Monday I was made redundant; well my official date is next monday, I am on the weeks notice currently. I do have mortgage insurance however this has a 60 day excess - so will not kick in for a couple of months.

Despite not working there very long - I was actually given a little bit of extra money - a discretionary payment which means I would financially be ok for a few months and I have just been paid my last months wages.

My mortgage is relatively low (shared ownership) - especially as I have just gone over the SVR with nationwide - which means my mortgage is going to be quite a low payment. I have the choice to be able to take a mortgage payment holiday and wondered if this is something I should consider until my mortgage cover kicks in? Therefore saving the discretionary payment for future household bills, etc?

I am a regular on the Debt free boards and have learned to budget well so am feeling quite positive about this. I am already applying for jobs, left right and centre.

Any help would be most appreciated :beer:

Thank you

LittleEmms

shameless bumparrooooooo

tonygee_3

Your call,but its no coincidence youve been made redundant as thousands more each month are getting finished.
You have to consider in this enviroment you may not get back to work for some time so allow for this in your calcs.

LittleEmms

Thanks Tony - that's along the lines of what I was thinking ... just was after some various thoughts on it.