Payment Holiday Query?

Verve_2

Hi,

I remortgaged in October 07 due to my 2yr fixed rate deal ending with Abbey and am now on a 5 year fixed rate mortgage with Woolwich.

I am now 4 months pregnant and want to take a mortgage break or payment holiday later in the year as maternity pay is horrendous and I'm worried about paying the mortgage (would be a real relief to have a few months where I don't have to worry!).

Does anyone know how this works? Do you have to have had the mortgage for 12 months (will be 12 months in Oct)? How long can you take? Should I say why I need the payment holiday or will this jeopardise my mortgage?

Any help would be gratefully received!
Thanks, in advance

homer_j_3

i haven't done a great deal with the woolwich for a while but I think you need to build up a mortgage reserve to take a payment holiday.

This would mean overpaying enough to build up enough money to take the number of months you would like.

They may have special agreements for maternity leave and the other advisers may tell you something that I have not. I would give them a call if no one else provides any more information.