Mortgage Holiday Help

Happy1985

Hello, so we have just found out we are expecting our second child, we have had a mortgage for 12 months, i have sat down and worked out what we need to get by whilst i am on maternity and we would need to save 6k to be able to pay all the bills on lower income, realisitically and at a massive strecth we can probably save 3k so i am now getting a little worked up and stressed by it all,

Has anyone ever taken a mortgage break for 6 months with Natwest and would they recommend?

Please any advise woulod be appreciated!!

ap1985

I would also be interested to know if this is possible, so will be following this thread closely.

Hope it all works out for your Happy1985.

snap123

Congratulations on your wonderful news!

I’m also with Natwest and I need to take a mortgage holiday soon. I lost my job this summer, and the settlement that I received is slowly running out. I’ve been actively looking for work but struggling to secure any jobs. I’m a single mum to 2 young children and have no one to turn to. I own a lovely home but it’s old, but charming, and the boiler has broken down so it’s absolutely freezing. I feel so sorry for my children for living in unbearably cold conditions, but I’m running out of funds and I simply cannot afford a new boiler or new windows. I’m not even entitled to any boiler grants because I worked up until May this year so I don’t qualify for income based support. For 15 years I have worked very hard and paid my taxes to support other people, as well as raising 2 children on my own, and now that I am jobless I can't claim benefits, apart from the jobseekers allowance which is a very small amount. I’m desperate and running out of options so a mortgage holiday would perhaps help give me more time to jobhunt.

Natwest advised that they can only do mortgage holiday for up to 3 months. The only issue with taking a mortgage holiday is that the "arrangement" will be recorded onto your credit profile. I don’t know if it’s considered as serious as a default or a CCJ but no matter what, any future mortgage lenders will see this on your profile.

The other option I have is to sell my house and live on the equity by renting somewhere temporarily until I find work. I'd rather sell my house before they repossess it and start all over again than to have an unfavourable record marked on my credit profile.

Hope it all works out for you Happy1985.

muhandis

Congrats on the new arrival

I would sound a note of caution here. Please be sure you know what it entails before communicating any difficulty with mortgage payments to your lender as that could trigger processes on their part which could make it much more difficult (or impossible for a while) to remortgage (if a mortgage holiday shows on your credit report) or even switch products with the same lender (which normally should be possible to do online with a new affordability or credit check).

The above happening could mean that you get dumped on to a higher SVR at the end of your fix without any way of getting out of it.

You are the best judge of your particular circumstances but in your place I would stretch as much as I can to make sure I meet the mortgage payments during my mat leave.

This could include - shortening the length of your planned mat leave, starting earlier on part time hours, taking a weekend job part way through mat leave, your partner taking on a weekend job, selling and paying off a car on finance and replacing with a cheap fully depreciated used car, flogging stuff on ebay that you don't need anymore, trawling freecycle for baby stuff (I was shocked at how much baby stuff was on there for free), totally stopping eating out, holidays, etc during mat leave, etc, etc.

Good luck!

Happy1985 wrote: »

Hello, so we have just found out we are expecting our second child, we have had a mortgage for 12 months, i have sat down and worked out what we need to get by whilst i am on maternity and we would need to save 6k to be able to pay all the bills on lower income, realisitically and at a massive strecth we can probably save 3k so i am now getting a little worked up and stressed by it all,

Has anyone ever taken a mortgage break for 6 months with Natwest and would they recommend?

Please any advise woulod be appreciated!!