Mortgage payment break!

Discussion in 'Chit Chat' started by Cavycrazy, 6 June 2007 Social URL.

  1. Cavycrazy

    Cavycrazy Silver Member

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    Has anyone ever taken one ?

    We are thinking of doing it so would love to hear from anyone who has done it what was involved with it all.

    Any nasty hiden charges etc to be aware of ? :eek:

    Cheers.
     
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  3. Redpam

    Redpam Living the Life

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    Is your mortgage where you can make overpayments and these can allow you to take payment breaks? If so I should think the only cost would be in extra interest as you would not be paying anything off. I would not think a payment break on any other mortgage would be advisable.

    It all depends on how your mortgage was set up when you took it on.

    Not much help I know
     
  4. Russiandoll

    Russiandoll Carpe diem

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    BEWARE! There's no such thing as a 'free lunch'. We were thinking of doing this until we found out that our mortgage payments would go up by £10 per month ... sounded OK until we discovered it was for the term of the mortage and worked out something like an extra £3000 for one measly £600 payment! :eek:

    Payment break? Daylight robbery more like! If something sounds too good to be true - it usually is!
     
  5. icemoose

    icemoose The Diet Guy

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    With RD on this! On an average mortage it is about 4 times as much you pay back!! Only do it if you really really have to :)
     
  6. The Minx

    The Minx Member

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    I tried to take a mortgage holiday a couple of years ago when I was going back into full-time education. With my mortgage provider I was told I could only have a mortgage holiday if I was pregnant - thought it was a bit drastic!

    Ended up swtiching to an interest only mortgage for 12 months to bring my payments right down, then went back to original rate.

    Not sure what your circumstances are but it worked for me.

    The Minx
     
  7. Redpam

    Redpam Living the Life

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    With my mortgage I can take a payment holiday if I have overpaid previously. It is more important to me to get it paid off as soon as possible so wont be taking out any of my overpayments
     
  8. Cavycrazy

    Cavycrazy Silver Member

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    Our mortgage providers say we can take a break from between 3 - 12 months. Doesnt have to be for a pregnancy break or any special reason, so think they are quite flexible.

    We thought we might do it as we have a two tier garden, and the second tier is just scrub ground and really needs tackling to make the house more presentable for resale. But its going to take some money to do it. Thought of taking the break in paying the mortgage to finance it.

    We only plan to stay where we are for about another 5 years, and then downsize but want to make the house as saleable as possible.

    Not too worried about the 'extra' it will place on the mortgage for afterwards as said we dont intend to stay the full course in this house, but want it as nice as possible for when it does go on the market.

    By taking a break for a few months paying the mortgage we can get this work done, so we are going to have a good mull over it.

    Thanks for all the imput. :)
     
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