mortgage holiday?

michellep45

hi my husband is self employed and is due to have a shoulder op, our mortgage is £800 a month and it would be really helpfull if we could take a month off we have never overpaid so not sure if theyd even let us any advice on what to say to them? and would this effect our credit rating?
thanks in advance

mumofjusttwo

IMO I think many mortgage firms like you to have some equity in the house before allowing a holiday etc and then if you do take a holiday then you need to pay a small fee (as always).

i would telephone and explain the situation. I don't believe that your credit rating is affected at all as if they agree to a holiday then you wouldn't be defaulting on a payment


HTH

opinions4u

michellep45 wrote: »

hi my husband is self employed and is due to have a shoulder op, our mortgage is £800 a month and it would be really helpfull if we could take a month off we have never overpaid so not sure if theyd even let us any advice on what to say to them? and would this effect our credit rating?
thanks in advance

Who is your mortgage lender?

Some mortgages do have an option for a payment holiday, although this is effectively a loan repayable over the remaining term of the mortgage with interest accruing.

The reason for wishing to miss a payment seems reasonable to me (but your lender may have different criteria, so you do need to contract them).

Most lenders won't let you have a payment holiday if your debt is over 90% of their estimated value of your house.

I know it's easy to say from here, but people do occasionally have illnesses etc and you would be strongly advised to try and build up savings to cover 3 months income to give you a cushion against this sort of thing in future. Or perhaps consider some sort of insurance.

Call your lender to see if they have the facility and whether or not you qualify. Also check that it doesn't affect your credit rating or show as arrears against you.

Details for Halifax are in this linky.

blueberrypie

mumofjusttwo wrote: »

i would telephone and explain the situation. I don't believe that your credit rating is affected at all as if they agree to a holiday then you wouldn't be defaulting on a payment

Some mortgage providers do report a mortgage holiday as a missed payment. Worth checking before deciding what to do.

mumofjusttwo

Sorry blueberry i didn't know that.