Maternity Mortgage Break

Rich_Wirral

Hi All,

New to site after reading a few threads i was hoping somebody may be able to help me out.

My wife is due to give birth in December and we are trying to plan her maternity leave. I have heard others and read also about mortgage holidays.

We have just come out of our fixed rate with Bristol & West after 3 years and now on varaible, is it a case of putting a letter together, yet im informed that Bristol & West may not offer this service??

Anybody been through this before or have any wise words, much appreciated.

Thanks

Rich

hcb42

many allow you to take a payment holiday, check your original paperwork

dimbo61

This all depends on your lender and your LTV plus income and why you want a mortgage holiday !!!
If your wife intends to return to work after 6 months with letter from her employer they may allow this.

opinions4u

1. Pick up the phone and ask them if they offer mortgage holidays and whether your mortgage qualifies.

2. Assuming the answer to both questions is "yes" ask them how it will affect your credit file. Some lenders report it as nil payments made, others report it as full payment made.

Then decide whether or not you really want / need one. A payment holiday is a loan equal to the amount of the monthly payments you miss, with interest charged for the remaining term of the mortgage. A far better course of action would be to start budgeting without that income now, saving the earnings that would be lost and then using these to subsidise your lifestyle during the low paid / no paid maternity leave period.

is it a case of putting a letter together

Most firms are not geared up to respond to written requests. There's a high risk of it being shuffled around somnebody's desk for weeks on end. Pick up the phone.