Deferring mortgage paymen for one month

smerch1468

We have an up to date record on our mortgage since we bought our place 8 years ago. The mortgage was with B&W now Bank of Ireland.

Does anyone know if the lender will entertain allowing us to have a one month payment holiday. This is to allow a few extra bills we have coming up to be settled. I do not envisage having to ask for this again.

Any of the experts know what their likely response, will it affect credit ratings?

firstaspect

You'll have to ask them and see. Are payment holidays mentioned in your contract? With my lender you can only take holidays if you've built up credit by doing any overpayments.

smerch1468

Thanks for the response.

I havent looked at the contract and we havent made overpayments. Im concerned about whether it would have an impact on credit ratings.

My inclination is to ring and ask but will they keep a note on our file if they say no.

Peelerfart

Well just read the contract or KFI that you had when you took the mortgage out.

If you used a broker - ask them, that way they wont know that you've asked.

Thrugelmir

smerch1468 wrote: »

Thanks for the response.

I havent looked at the contract and we havent made overpayments. Im concerned about whether it would have an impact on credit ratings.

A payment holiday will be logged as a default.

Suggest you seek alternative method of raising the required finance.

Rather than blemish your record.