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Mortgage holiday???
vasseur
Posts: 3,093 Forumite
How easy are these to get?
Just asking for my friend....Briefly, she was made redundant about 6 months ago, quickly found another job but it pays less. She's done Ok till now but the shortfall is catching up with her. To make matters worse she had a minor car accident last week (50/50) and it's paying the excess that has made the situation a whole lot worse (it never rains does it?). We're hopefully going to go over her SOA this weekend to see if we can trim it a bit but we're thinking that she'd be OK if she could just get a bit of breathing space even if it's just for one month.
She realises that she needs a better paying job and she's already made steps towards this.
Thanks
Just asking for my friend....Briefly, she was made redundant about 6 months ago, quickly found another job but it pays less. She's done Ok till now but the shortfall is catching up with her. To make matters worse she had a minor car accident last week (50/50) and it's paying the excess that has made the situation a whole lot worse (it never rains does it?). We're hopefully going to go over her SOA this weekend to see if we can trim it a bit but we're thinking that she'd be OK if she could just get a bit of breathing space even if it's just for one month.
She realises that she needs a better paying job and she's already made steps towards this.
Thanks
It's not how far you fall - it's how high you bounce back.... :j
Happiness is not a destination - it's a journey 
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Comments
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She needs to ring her lender - they will let he know.0
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She needs to ring her lender - they will let he know.
Never had one before but after the Christmas hangover and trying our best not to use credit cards, I phoned my lender (IF) and asked for one. Took one minute to check I had this facility and then agreed to it - overall took 2 minutes and I can apply again for this year - so rather painless and quick.If you don't have 'owt important to say then don't say 'owt ...0 -
On a list of ways to save money this should be at the bottom with only credit cards and loan sharks below!
If she is struggling this month then will it be the same next month!
If she has a low LTV and lots of equity in the property then the lender may say yes but the interest will roll up so better to ask can she go interest only for say 12 months and overpay each month to try and make up lost repayment amount!0 -
Double-check its a true payment holiday, and doesn't get counted as arrears as a thread here complained a couple of days ago...0
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Most payment holidays are just authorized arrearspoppy100
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It's just the accident that has meant she's ended up in the poo this month. She's cut back in absolutely every other area.
I was wondering about asking to go interest only. I'll suggest that to her.
ThanksIt's not how far you fall - it's how high you bounce back.... :jHappiness is not a destination - it's a journey
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