Mortgage Holiday ?

ErolGirl

Hello, I am a home owner with my fiance, and we love our house. We've done a lot of work on it, and so do not want to sell. However, we have been interested in potentially moving to Portugal. I would love to move and try it out for a year to see how we get on. I don't want to sell our house in haste to then decide after 6 months it's not for us and have to find another house if we move back. 

Is there any option of having a mortgage holiday to allow for this type of thing?? I didn't think it was a thing but a colleague just mentioned it and seemed positive it was a thing! 

la531983

You presumably have looked into this but you are aware a UK citizen "moving to Portugal" may not be as easy now as it used to be, after the dreaded B word?

BoGoF

Some lenders allow it but all you are doing is extending the length of your mortgage and incurring more interest. 

You would need to check your own mortgage paperwork but I wouldn't think a lender would be that keen if you were leaving the country for potentially a year. There may also be other conditions, here is the Halifax criteria for example - https://www.halifax.co.uk/mortgages/existing-customers/take-a-payment-holiday.html

Hoenir

What do you intend do with the property for the year?  Leave it empty or rent it out. 

katejo

la531983 said:

You presumably have looked into this but you are aware a UK citizen "moving to Portugal" may not be as easy now as it used to be, after the dreaded B word?

I was going to say exactly the same. Unless they have Irish passports (or  for another EU country)?