Is a Mortgage Holiday a good idea?

jerrypolecat

Hi,

As with a lot of people things are getting pretty tight, and carrying overdrafts over every month. We are not in a desperate situation but could do with a month or two off just to get things straight. If we are able to get one through Abbey, will it count against us in any way on credit scoring or similar.

We would only do this if there are no negative repurcussions.

Thanks

jill2002

Abbey do not allow payment holidays unless you have a Flexible Mortgage and have an available balance to be able to take it out of - be that an overpayment or a credit limit. If you don't recognise the terms I mentioned, it's likely you don't have a Flexi Mortgage and therefore the only way to reduce your mortgage payments is to call the Debt Management Helpline. If you make an arrangement with them, it is likely to affect your credit file.