Mortgage Holiday

jillybobs

Hi, has anybody taken a mortgage holiday/break. I was wondering how you go about it and also the ins and outs of how it works? I appreciate that this may differ from lender to lender but thought someone may have some information. Hope this makes sense.

money_maker_3

You can take a number of months off payments on the mortgage. You accrue interest over the term of the break, and your payments increase accordingly at the end of the term. If you cal into the bank, they should be able to give you an approx. of what the payment will be at the end of the time you intend to take off.

Hope this helps

jillybobs

money_maker wrote: »

You can take a number of months off payments on the mortgage. You accrue interest over the term of the break, and your payments increase accordingly at the end of the term. If you cal into the bank, they should be able to give you an approx. of what the payment will be at the end of the time you intend to take off.

Hope this helps

Thanks for that. Will possibly look into that.

owitemisermusa

I don't think all lenders offer a mortgage payment holiday as standard, you need to ask your lender.
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