Mortgage Holiday whilst in Fixed rate

debtfreein5

Hi

We are looking at possibly asking for a 12 month payment holiday but using the mortgage money to repay all our other debts in a 12 month period.

Money is getting very tight and this would be a great option but wandered if anyone had tried to get a Payment Holiday whilst still in a fixed rate?

Thanks

_Andy_

The fact you're in a fixed rate isn't relevant.
You need to ring your lender to ask whether they will allow a payment holiday but I doubt 12 months will be doable.
Ring them and ask.

Joe_Bloggs

Can you increase request an increase in the term of the mortgage ? If this was a repayment mortgage then the monthly costs would be less.
There may be more help/inspiration on budgeting and managing debt on the debt free wannabe board.
You should consider drawing up a statement of affairs which will highlight where your money is going/went/ is being wasted. There may be ways of getting more for the same or less money on the other forums on this site.

I would not want to mess up my credit record and future lending prospects by requesting a payment holiday if this request would trash my credit record.

An alternative could be interest only for a period of time. You will have to name your lender and perhaps loan to value ratio to get feedback on how lenders have treated other borrowers.
J_B.