Mortgage holiday

iluvpink1

I am applying for a 6 month mortgage holiday with the Halifax. We have jst renewed our deal today at a a fixed rate fro 3 years and apply for mortgage holiday tomorrow. Just wondering if anyone knows what they take into consideration when deciding whether to give you a holiday or not?

lvm

Probably too late in replying to this but they seem to be pretty strict.

You need to have a current 80% LTV - and they calculate the current value of your property themselves. How, I have no idea. My friend tried to get a 1 month holiday and they declined it because she was at 97% LTV - but only because they were valueing the property at £30k less than what a professional had done a few months earlier. They would not budge on their decision either!

Not sure if you'd have to have had your existing product for a certain length of time (6 month/2 years...)

Would be interesting to know how you got on...

iluvpink1

Many thanks for replying Ivm! We have been accepted fro 6 month mortgage holiday. Went onto our new 3 year fixed rate first then applied for holiday and have been accepted! Our Mortgage s for £103000 and huse is valued at £245000