MortgageHoliday months

joewa

Hi . i have a mortgage with Halifax and have never missed a payment, i have an unexpected bill and was looking to take the above for a few months.
Do you know if i have to pay a charge etc to do this

opinions4u

No fees.

But you will pay interest for the remaining term of the mortgage.

joewa

would it be a lot if i miss two payment s on SVR

InMyDreams

It's impossible to say. It depends on how long you have left of your mortgage term, what interest rates do until it's finished, whether it's currently on repayment or interest only...

What you are effectively doing is borrowing more money from them to cover your payment. They will just add that amount to the balance of your mortgage so it still has to be paid over the term of the mortgage, plus the extra interest you will then owe on it, which could be as much again. Or more. Or less. Depends.

Do you know that a mortgage holiday will be allowed on your mortgage product?

joewa

hi, yeah i believe they are allowed. my mortgage is repayment . i owe about £40000

Mevs01

Hi

Just looking for a bit of advice. I was thinking of paying off my credit card 6.9% for life of balance £2,500, this would take some time for me at present. So if i was to take a 4 months mortgage break i could clear this credit card debt for good.

I have maxed out my existing 0% credit card offers.

Is this worth doing or what should i consider, providing i can take a break in mortgage payments.
My partner and i are just fed up of having this credit card bill.

Thanks

Thrugelmir

Mevs01 wrote: »

Just looking for a bit of advice. I was thinking of paying off my credit card 6.9% for life of balance £2,500, this would take some time for me at present.

If your finances are that tight your application for a holiday may well be declined.

Suggest you pay a visit to the Debt Free Wannabe board. Plenty of support and advice on getting to grips with personal finances, i.e. how to cut back and survive on very little money.

joewa

hi, if i am going to apply for a holiday in my mortgage repayments do they do a credit search on you

catieeb06

No, they don't.

But you need to have a decent enough reason for applying for the payment holiday. The staff at Halifax (and I was one of them) have every right to decline your payment holiday

joewa

is an unexpected bill enough