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Mortgage holiday or use my overpayments balance?
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cookie666
Posts: 348 Forumite
Apologies if this has been asked. I've just found out that I'm going to be reduced to a 3 day week so funds will be tight. I'm looking at taking a mortgage holiday and understand that I'll be paying more interest overall, however, I am in credit on my mortgage as overpaid for a while and bank said I could use that up as well, is there a best way of doing this, use credit up first or apply for the holiday, then use the credit on my account?
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Any suggestions greatly appreciated.0
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Taking a mortgage holiday, although helping with cashflow, is likely to be interpreted negatively on your credit files.
If you think you can get away without it, I would use your overpayments.1 -
I would have thought they will naturally use the overpayment first anyway.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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