Mortgage Holiday

astraone

I am trying to do up my house and don't have the funds each month to get things complete,this has been dragging on for a few years now,my money goes on mortgage,bills and a high petrol bill as i have to drive 100 miles a day to work.i was going to ask my bank for a 6 month mortgage holiday to get things complete would this be a good reason to get a mortgage Holiday, i can't get credit as i have a bad rating.

GMS

You can ask them but I seriously doubt they will agree.

If you do not keep up the payments you will run the risk of being repossessed, and your already bad credit rating will be shot completely.

If you are having genuine financial difficulties you should talk to the lender asap and try to come to an arrangement.

Senior_Paper_Monitor

I think there is very little chance of getting a mortage holiday in the circumstances you describe - but to give any real answer would need all the relevant information and frankly it would be more relevant to ask the lender as only they will know.

beecher2

Go onto the Debt Free Wannabee forums and post a Statement of Affairs. You'll get help on budgeting and get advice on how to sae up for the work you need to do.

opinions4u

astraone wrote: »

I am trying to do up my house and don't have the funds each month to get things complete,this has been dragging on for a few years now,my money goes on mortgage,bills and a high petrol bill as i have to drive 100 miles a day to work.i was going to ask my bank for a 6 month mortgage holiday to get things complete would this be a good reason to get a mortgage Holiday, i can't get credit as i have a bad rating.

It depends on the lender.

Decorating the house would be a perfectly good reaosn for some lenders to provide a payment holiday.

But your payment will rise at the end of the six months, as a payment holiday is no more than a loan.

If things are tight now, how will you afford those higher mortgage payments later on?

Thrugelmir

astraone wrote: »

I am trying to do up my house and don't have the funds each month to get things complete,this has been dragging on for a few years now,my money goes on mortgage,bills and a high petrol bill as i have to drive 100 miles a day to work.

So you get a mortgage holiday and defer some mortgage repayments. The net result is that your home improvements will be be paid for over the remaining term of the mortgage and you'll have even less money in your pocket. When the car needs a major repair how will you fund that?

Whilst we all wish that houses could look as they do on Grand Designs. Reality is somewhat different. Best to do what you can, as you can afford it. So try ditching the cards and spending cash only.