Can you still get a payment holiday? And should I?

LittleRedDragon

Hi, I'm new to the forums but not new to the site, which has been really helpful over the last couple of years (especially when I became a first-time buyer last year) - so a million thanks Martin and all others involved!

So my question now is because I am most likely moving on... I'm on a short term contract which ends in two months, I like my house but not the location it's in so am going to be looking for work elsewhere. If estimates are right I stand to gain quite a lot from selling the house.

However... In order to sell the house I need to spend around £6k to fix a leaky roof and make the kitchen more attractive, as it's currently dark and poky and frankly unattractive, and do a few other bits and bobs of flooring etc. Also, for various reasons I don't need to go into (involving a PhD...) I may not be able to find another job straight after my contract runs out. Savings and end-of-contract payment will see me right for four months easily at current rates of expenditure.

SO basically I don't want to spend my savings on the improvements in case I take a while to find work - don't need the stress of financial worries to add to the PhD stress! And I only need the loan until I sell the house, but it'd be better if I didn't need to pay it until I do sell, then can pay the whole thing in one go. (I could pay for materials with my credit card, which is zero %, but then I'd need to make the repayments - also doable, but not ideal).

I think my ideal situation would be if I could get a flexible loan with a repayment holiday of about 6 months, but I wondered a) what others think of this and b) does such a thing exist? I've been checking out the recommendations in the MSE loans page but can't see any that have the payment holiday.

Any advice would be gratefully received! (and btw I do realise that I'm in a very jammy situation in that not many phd students could buy their own house and have savings at the end of their contract and stand to make money out of the house by sheer good luck, and I shouldn't really be fussing - I know I'm lucky but I'm also a born worrier!)
Claire.

lotto-dreamer

I think I've read somewhere that Egg Loans allow you a payment holiday after three months -

I've just asked a similar question about payment holidays about my mortgage -although my situation is very different from yours - and people on here have been really helpful (took a while to get some replies but I am very grateful for those I've now had as they've pointed me in right direction how to go about things!)

olliesmummy06

cooperative bank offered me a payment holiday on my loan today til feb 08. you have to make at least 1 payment though before you close it i think.

LittleRedDragon

Thanks both, I'll check those out. I did have a look at Egg but couldn't see anything about payment holidays, I'll have to look again or give them a ring.

Olliesmummy06, how do you find Co-Op to deal with? The ethical stance appeals to me but the company I worked for had a business account with them and ended up having to move it, although I can't remember the ins and outs of why. I'll give them a ring too though, see what they could do for me.