Mortgage breaks for maternity leave

lisaellis

Hi

Can anybody tell me if they have experince of getting a 6 month mortgage break due to maternity leave.

My mortgage is with Northern Rock and in order to apply for a 6 month mortgage break under the "special circumstance" of maternity leave they ask you to submit an application 1 month prior to when you want your mortgage repayments to stop. I am a little anxious incase they do not grant the mortgage break.

Has anybody had any experience of this?

Thank you.

Lisa.

Grace908

Hi,

My mortgage is with northern rock & I am currently on maternity leave.

You will need to send in a letter of request with a copy of your mat 1 certificate. They originally offered me a 4 month break as we have had two 1 month mortgage breaks over the last two years but then decided we were ok to have the full six months, found themn really helpful so I wouldnt worry too much.

Best thing to do is send the letter off asap and you will get one back granting the break provisionally (Which basically means unless you miss a mortgage payment before your leave this will be the final decision - if that makes sense!)


At least you can put your mind at rest then

cady

does anyone have a template letter i can use for this as im just about to apply for one

Cady

cady

bumping up!!! anyone????

jillie1974

i just wrote following a conversation with the bank the following. i rang to check with them first and they said thats all they needed.



as discussed over the phone with ***** on ****** we wish to confirm that we will be having a mortgage break of 6 months due to us having a baby. We enclose a copy of the MATB1 form as requested. Our mortgage break is to commence ****** and we will resume payments on ******. Please advise us when this have been confirmed.

cady

Thanks Jillie i thought i would need an essay!!!

jillie1974

no problem cady!!

Greenr

jillie1974 wrote: »

no problem cady!!

Hi

Is it quite normal to take a mortgage break during maternity leave and can anyone with the pregnancy form apply or does it depend on your mortgage provider? Also, if you're granted a break for maternity, do you pay nothing for the set period or is it a certain percentage?

Thanks!

hostman

I wasn't aware we could do this. My partner was on maternity earlier this year, she's been back to work since June, but the mortgage was paid as normal during the time.

Good luck with the baby. 1st, 2nd, 3rd ... ? It was our first child, he's now a week away from being a year old and is walking, where does the time go ...

opinions4u

Greenr wrote: »

Hi

Is it quite normal to take a mortgage break during maternity leave and can anyone with the pregnancy form apply or does it depend on your mortgage provider? Also, if you're granted a break for maternity, do you pay nothing for the set period or is it a certain percentage?

Thanks!

It depends completely upon the lender and sometimes the specific mortgage from that lender.

Typically they won't let the debt go above 90% of the estimate value of the house.

Payments are missed (typically for up to 6 months), but interest is charged on these missed payments which are then repaid over the remaining term of the loan.

In an environment of unstable house values I'm not convinced that the current time is a good one to have a payment holiday, even if your lender will allow it.

But I'm not preggers!

Link to Halifax Payment Holiday details.

cady

it depends on your mortgage provider mine is northern rock - you can stil take it up until the child in one with them all you need is either your MATB1 form or the childs brith certificate you make no payments for a period of 1 - 6 months (as long as you have paid 9 full payments on time) although this does still get added onto your mortgage so its not "free" its our first baby too so very excited - worth checking out as i know its only some who do it and you need certain criteria to qaulify but its worth looking into if anyone is having a baby (or had one!!)

Cady x