mortgage payment holiday ????

FF.STOLTZ

hi all im a newbie please help !!!
I'm considering taking a payment holiday on my mortgage and was wondering if they are available for 1/2 months .. my mortgage is with skipton building society and been with them for 3 yrs ,never missed any payments etc and about £110k outstanding on a repayment .is it worth doing ???? any views on this would be helpful....only need a couple of months to get ourselves straight again !
cheers .

Thrugelmir

Will depend on the reason for the payment holiday, and your personal financial circumstances.

Increasingly lenders are marking payment holidays as defaults on credit agency files so may also have longer term impact on your credit rating.

FF.STOLTZ

just very short of cash flow at the mo and a few bills (car etc ) we just had to pay straight after a holiday !! credit card not a good option either !!

Thrugelmir

FF.STOLTZ wrote: »

credit card not a good option either !!

Though leaves of a mark on your credit file.

FF.STOLTZ

BUT .... credit card nearly maxed out !!!

Thrugelmir

FF.STOLTZ wrote: »

BUT .... credit card nearly maxed out !!!

A credit check will be performed as part of the process.

getmore4less

FF.STOLTZ wrote: »

BUT .... credit card nearly maxed out !!!

So will a couple of months not paying the mortgage clear that as well as paying the bills?

Looks like the problem is bigger than a bit of cash flow.

You need to review your finances properly rather than going inot arrears on your morgage.

try debtfreewanabee and start with a SOA
http://www.makesenseofcards.co.uk/soacalc.html

or post here for an assesment of the likey reaction your mortgage company will give you.

opinions4u

is it worth doing

If you think that borrowing money over 22 years (or whatever the remaining terms is) for a "couple of bills" is a good idea, then yes.

My instinctive reaction is that it's an awful idea. Unless you can, hand on heart, make it your lightbulb moment that allows you to manage your finances better.

Life is full of known bills, unexpected bills, holidays, Christmases, birthdays etc. You need to plan for the expected AND the unexpected in the way you budget and save.

The post above points you in the right direction. Spend less, save more, and have a cushion to fall back on next time the exhaust falls off the car.

_Andy_

FF.STOLTZ wrote: »

I'm considering taking a payment holiday on my mortgage and was wondering if they are available for 1/2 months .. my mortgage is with skipton building society

Have you rung them and asked?

zaksmum

My son does this regularly. If he is going on holiday or has a few extra bills or the kids need new school uniforms, he just speaks to his lender and takes up to three months repayment holiday on his mortgage.

He says it takes the pressure off financially and emotionally, so why not?

opinions4u

zaksmum wrote: »

My son does this regularly. If he is going on holiday or has a few extra bills or the kids need new school uniforms, he just speaks to his lender and takes up to three months repayment holiday on his mortgage.

He says it takes the pressure off financially and emotionally, so why not?

1. Sooner or later the lender will say no.

2. You will pay interest on it for years to come.

3. Your mortgage debt will not reduce as quickly as originally planned.

4. Your mortgage payments will rise even when interest rates stay the same.

It's lazy budgeting and creates financial pressures in years to come.