Halifax Mortgage payment holidays

tigger123_2

Hello all

I am thinking of speaking to halifax regarding taking a mortgage payment holiday whilst i am on maternity leave.

Does anyone know if they mark your credit file with missed payments during this term?, someone told me to be careful of this and that is obviously the last thing that i would want to happen.

Many thanks for any help
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MarkyMarkD

If you agree a payment holiday with a lender they aren't going to mark your credit file with adverse information.

But it depends what you mean by "payment holiday". If you've built up an overpayment fund, most lenders will let you under-pay (or take payment holidays) to the same amount.

If you haven't overpaid, then it's less likely you will be able to agree an official payment holiday and the best you might get is an areement to let you pay a reduced amount, or nothing at all, for a limited period. That might indeed count as building up arrears (because that's what is really happening if you haven't previously overpaid).

regularsaver1

All Halifax mortgage customers (as long as no arrears) are allowed up to 6 months payment holiday during their mortgage full term. There is no requirement to overpay to gain this facility as other lenders do

This is not noted as a missed payment. Your payments would go up as a result. For example, your remaining term is 20 years, and you have a payment break of 3 months. The 3 months payments would then be spread over the remaining term. The can give you an approx illustration fo what the payment would change to after the payment holiday ends.

MarkyMarkD

Do advise, rs1, if there are any conditions to this at all.

It seems rather incredible that a brand new borrower could mask their complete inability to pay by taking the first six months of their mortgage as a payment holiday.

wishiwasarichgirl

i'm with halifax and i can take a holiday of 6 months (or more depending on overpayments) and it doesn't affect anything. I presume the interest just gets added on as normal though (never done it).
Probably best just to ring them and ask, I have always found them to be really helpful on the phone, and you don't get transferred to some indian call centre or anything

tigger123_2

MarkyMarkD wrote: »

Do advise, rs1, if there are any conditions to this at all.

It seems rather incredible that a brand new borrower could mask their complete inability to pay by taking the first six months of their mortgage as a payment holiday.

MarkyMark, i am not a brand new borrower, and have been with the halifax sometime now, neither am i unable to pay my mortgage, i was just looking at ways that would make it a little easier to live whilst on Mat leave that is all.

tigger123_2

Many thanks for your help wishiwas a rich girl and regular saver, i think i will book an appointment with Halifax to have a chat about how things work

many thanks again

regularsaver1

you will both need to sign the form to apply

nope markymark - but their has to be a genuine reason and no arrears. if payment difficulties this is dealt with by a separate department

toonfish

you have to have been with Halifax 3 months to take a 6 month payment holiday - can be very useful