Mortgage Payment Holidays

Boltonbwfc

Hi

I have a Fixed Mortgage Rate with the Cheltenham & Gloucester. I have been a Cheltenham & Gloucester mortgage holder since 1998 and have recently overspent on an extension and ultimately Christmas. I have never had a payment holiday before or been in any arrears.

My question is would Cheltenham & Gloucester allow me a payment holiday and for how long? I have generally tried to juggle my finances around with tips from this site and have saved money that way but still need to get my overdraft back into the black. I have worked my finances out and would 'tick' along niceley if I could just get this overdraft payment back up. A payment holiday for a number of months would help me to: a) to pay the overdraft off and b) to finish extension off.

Advice much appreciated. Thanks.:D

Leighthal

Do you not have your T&Cs to consult on the matter?

Claire_Jones_3

Hi Boltonbwfc, C&G do offer payment holidays. They range between 1-6 months max but incur a charge of £50 (which can be added to the mortgage but would then accue interest).

They do a type of credit check to decide whether to offer it or not and as long as you have made all your payments in the last 12 months and haven't taken extra borrowing within the last 6/12 (can't remember exactly!) then it shouldn't be a problem. Even if you took the extra borrowing for the extension it may still be considered. Just be aware that your payments will then increase after the payment holiday as you are then trying to pay back the same amount over less time.

You need to call 0845 744 4411 between 8.30am-7pm with your mortgage acc no to organise. I work for C&G dealing with mortgages that why I know this much, not that I need to get out more!