Mortgage payment holidays

lissylee

Hi everyone
I am currently in a fixed rate mortgage with yorkshire bank which is fixed until june 2010. I have a personal loan which has 7000 remaining on it and another 3 years to run. Having recently split fron my husband I am finding paying this loan difficult. If yorkshire bank would allow a payment holiday I could save the money i pay on the mortagage and clear the loan in 10 months leaving me more able to manage my finances. Could anyone please let me know if this is a feesable option.
Many thanks
Lissylee

Robert_Sterling_3

I do not think it is.

beecher

You need to phone up the Nationwide to see if it is possible for you to take a holiday of this length as it will not be an automatic right. Remember it isn't so much a holiday as authorised arrears and you would end up paying interest on the interest. Your payments would go up as a result.

You could go onto the debt free wannabee threads and post a Statement of Affairs to get hlep on saving money from your bills. For example you should be cancelling sky/gym membership/selling car before thinking of taking a holiday.

diable

You need to phone your bank and find out if they will allow you to take a mortgage holiday. My mortgage allowed me 6 months in total. Don't forget though that the debt accrued is added to your mortgage and your monthly payments/amount you owe will go up. Paying of the loan is a good idea only that once the load is paid off you use the extra money to overpay your mortgage.