Mortgage payment holiday
Discussion
Hi
A guy I work with is currently going through a divorce and the House is up for sale. Whilst they are sorting things out, where would he stand re taking a mortgage payment break for a couple of months until the House is hopefully sold.
He has never missed a payment and there is some equity in the House. Is it worth him speaking to the lender ( Halifax ), and if so which is the best tack to take ?
Thanks in advance
AC
A guy I work with is currently going through a divorce and the House is up for sale. Whilst they are sorting things out, where would he stand re taking a mortgage payment break for a couple of months until the House is hopefully sold.
He has never missed a payment and there is some equity in the House. Is it worth him speaking to the lender ( Halifax ), and if so which is the best tack to take ?
Thanks in advance
AC
halifx said:
Mortgage payment holidays
Unlike most other mortgage providers, Halifax can offer payment holidays to the majority of its mortgage customers.
Payment holidays are ideal if you would like a short break from your regular mortgage payments if and when you need to reduce your monthly outgoings.
They are available for a period of between one and six months over the life of the mortgage and for a variety of reasons depending on your circumstances. These include:
Maternity Leave
Change of Employment
Children's Education
Exceptional or Unforeseen Household Expenditure
Exceptional or Unforeseen Vehicle Expenditure
Wedding Expenses
Tax Bill
To qualify for a payment holiday you need to have had your mortgage for at least three months and be up-to-date on your payments.
Although we try and help as many customers are possible, there will be some cases where a payment holiday may not be available to you. These can include the following:
If you have a second charge on your property
If you have had previous payment holidays totalling six months
If your loan-to-valuation exceeds our criteria
If you think you would be eligible for a payment holiday, applying is easy and very straightforward.
Call 08457 27 37 47 and select option 1, or visit one of our branches.
Although payment holidays can help in the short term, interest will still accrue and any missed interest payments will be added to your overall mortgage, resulting in increased contractual monthly payments.
Tell them the truth would be my advice. Unlike most other mortgage providers, Halifax can offer payment holidays to the majority of its mortgage customers.
Payment holidays are ideal if you would like a short break from your regular mortgage payments if and when you need to reduce your monthly outgoings.
They are available for a period of between one and six months over the life of the mortgage and for a variety of reasons depending on your circumstances. These include:
Maternity Leave
Change of Employment
Children's Education
Exceptional or Unforeseen Household Expenditure
Exceptional or Unforeseen Vehicle Expenditure
Wedding Expenses
Tax Bill
To qualify for a payment holiday you need to have had your mortgage for at least three months and be up-to-date on your payments.
Although we try and help as many customers are possible, there will be some cases where a payment holiday may not be available to you. These can include the following:
If you have a second charge on your property
If you have had previous payment holidays totalling six months
If your loan-to-valuation exceeds our criteria
If you think you would be eligible for a payment holiday, applying is easy and very straightforward.
Call 08457 27 37 47 and select option 1, or visit one of our branches.
Although payment holidays can help in the short term, interest will still accrue and any missed interest payments will be added to your overall mortgage, resulting in increased contractual monthly payments.
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