Redstone Mortgages + payment holiday?

flossieflipflop

Hi,

I have a mortgage with redstone mortgages (a sub prime lender unfortunately). I pay on a repayment basis and have met all payments on time for the past 3 years since I took out the mortgage. There is also equity in the house (about £40,000)

Basically i'm going on maternity leave at end of Decemeber and am a little worried about making sure mortgage gets paid (it's not much, currently £420 per month) but I am main income earner (by a considerable amount) and I will lose my income (bar smp) for 4 months.

I was thinking one option may be to ask for a payment holiday while I'm only recieving my Statutory maternity pay (which would be for 3 or 4 months, we can manage the other few months) but not sure if Redstone would do this. Just wondered if anyone had done this with them?

Another option is to increase the mortgage by £2000 so that we can cover the payments and other essential bills while I'm off but they want fees of £250 to do this (valuation etc) andpretty dreadful credit rating so not even sure they would approve this (the fees are non refundable).

Has anyone done this with Redstone?

Many thanks

opinions4u

I doubt they offer payment holidays, but you could ask them I suppose.

I don't really see how a payment holiday is any different to borrowing the money though. It's a loan with another name that sounds slighlty nicer, surely?

Best bet is to save every penny possible prior to the birth and get some of those household bills down to free up cash.

flossieflipflop

Thanks opions4u. We were trying to save and had managed to put aside £1000 but we had a disastorous month where literally everything broke/went wrong (boiler, car battery, mot, 4 new tyres, laptop etc etc) so that emptied our little pot. We're starting again with the saving but I'm so worried that by the end of my maternity we're really going to struggle. I guess we'll just see what happens and if it looks like we'll need help we can sort it out at the time and hopefully we will be able to manage ourselves!