delaying mortgage payments

chatta

hello to you all
Has anyone got experiance of putting off mortgage payments in short term and the reactions from building society, found myself out of work unexpectedly and wonder what effect etc it will have on of my credit rating. And whether I should try it. I am looking for new job, This is my first posting hope I have not done it wrong apologies if I have x its an old mortgage and i have a lot of equiety.
Chatta

Gingham_Ribbon

Welcome to MSE, chatta. There is a mortgage board on a different part of the site where there are lots of people who would be able to give you information about this sort of things.

Don't worry about putting it on the wrong board. It takes everyone a while to find their way around.

I'll move your thread to where it should get lots of answers.

Good luck.

chatta

thankyou where will i find it !!!!!

tru

Hello :hello:

I've missed this month's payment, I rang them about 10 days before the payment was due and there was no problem. They asked me when I wanted to make it up and I chose to spread it over the next three months, though they said I could spread it out even more if I wanted as long as it's up to date by the end of the year (which in my case is end of october).

My credit score is shot to pieces, they didn't do a check or anything, just said yes over the phone then a couple of days later I got a letter confirming the agreement. I should think it'll only affect your score if you don't stick to the agreement

Miss_Penny_Pincher_2

Welcome Chatta - does your mortgage have an option in it to take mortgage breaks? Have you managed to make overpayments in the past which have built up a reserve to draw upon? If yes to both questions then asking for a payment holiday shouldn't be a problem and should have no negative effect on your credit rating.

tru

Oh that was wierd, I was on the OS board when I clicked 'reply' then found myself on the mortgage board when I posted lol

chatta

I was hoping to have a '3 month break' do you think they would wear that, i have always been up to date over 21 years.

chatta

hello Miss penny pincher
I dont know but its a question I will ask thanks for help xx

Miss_Penny_Pincher_2

troo wrote:

I've missed this month's payment, I rang them about 10 days before the payment was due and there was no problem. They asked me when I wanted to make it up and I chose to spread it over the next three months, though they said I could spread it out even more if I wanted as long as it's up to date by the end of the year (which in my case is end of october).

It's good to hear that mortgage companies can be flexible Perhaps it's just a case of letting them know before hand and making arrangements like you did Troo. Can be a lifesaver but remember banks benefit from payment breaks because it ends up costing you more in interest in the long run!

tru

Oooh yes definitely, no matter how nice they are to me I never forget that they're not looking out for me, just themselves

Though I have to say, when we took our mortgage out we went for a five year fixed rate (7.99%, that was good at the time). After about 2 years the interest rate had dropped a lot (down to 5.something%) and they wrote to us saying that we could change our mortgage if we wanted to because the % was far too high, as long as we let them know within 28 days.

We're with Yorkshire Building Society, in case anyone's interested

chatta

think I would prefer to learn juggle in a circus, i also have to tackle gas, electric, council tax, endowments, daughter at uni, and so on but thought mortgage would be good start. thank you to all.........