Kevin Langshaw
Kevin Langshaw
South West Intelligent Financial Solutions
- 207 Elburton Road
- Elburton
- Plymouth, Devon, PL9 8HX
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How do I get a mortgage payment holiday?
- Richard asked 1 year ago in Mortgage
- See all 2 answers | report abuse
Expert Financial Adviser Answer
Kevin Langshaw
answered 1 year ago
Unfortunately it is not really a holiday depending on the lender the missed mortgage payment/s will either be divided over the next 12 months in addition to the normal payment (this is the better option although on monthly budgeting it may not appear so!) or the missing payments are added to the end of the mortgage. (this means you will pay more interest on the deferred payments).
It shoulded be pointed out that deferring mortgage payments to pay for a holiday is not a good idea, payment holidays are limited by the terms of the mortgage agreement and are meant for times of difficulty i.e. loss of job or reduced income to prevent the mortgage going into default and effecting a persons credit file.
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It shoulded be pointed out that deferring mortgage payments to pay for a holiday is not a good idea, payment holidays are limited by the terms of the mortgage agreement and are meant for times of difficulty i.e. loss of job or reduced income to prevent the mortgage going into default and effecting a persons credit file.
