Mortgage Payment breaks

jennie-flower · 6 June 2007 at 9:58PM

Hi

We've had our mortgage for nearly 2 years and have made all repayments on time every month. We're considering having another child (we only have 1) and have been trying to work out a way to make it possible financially.

We'll be in a position to re-mortgage in August this year and have talked about taking on a mortgage that allows payment breaks, So I could take a year out from work, pay the mortgage for the first 6 months (whilst being paid maternity pay) then use a 6 month payment break for the rest.

Do any mortgage experts out there know if it's actually possible to do this? We've got a mortgage advisor but I want to have some knowledge on the subject before I tell him about our plans.

I'd be grateful for any of your comments

jennie-flower · 6 June 2007 at 10:00PM

Oh,and we have about £35k of equity in our home, so if anyone has any alternative ideas that would also be great!

kingkano · 7 June 2007 at 9:48AM

Im not a mortgage expert

But I was looking for similar flexibility recently.

Some lenders do allow this. You usually need to have had the mortgage for a year first.

There are of course other ways and it all depends on your circumstances. Definitely ask your MA about the options (for example you could get a flexible mortgage for more than you need, repay the extra immediately into the 'reserve fund' and drawdown on it when you cant make the repayments for that 6mths). Im sure there is MANY other options too.

jennie-flower · 10 June 2007 at 11:50PM

So are there any financial experts about that can advise on this?

Mortgage Payment breaks

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