Halifax - Mortgage payment holidays

[Sabrina]

Sorry if this is on the wrong board...... didn't know where to put it.


One of my friends told me to look into whether I could get a mortgage payment holiday to cover some of my maternity leave.

I spoke with the Halifax (my mortgage lender) today and they said I'd be entitled to between 1 and 6 months mortgage payment holiday.

This is going to make a BIG difference to how we manage the finances during my maternity leave. I'm pretty sure now we could manage for me to stay off up to a year after the baby is born. That's such a relief!

I thought I'd share the news in case it might be helpful to someone else.

Here's the link to the page on their website with all the info.

http://halifax.co.uk/mortgages/Existing ... uiries.asp


Sabrina
x

 

[M&Ms]

Oh that's a relief for you

Money is a major worry when you're pregnant isn't it?

 

[Tangerinedream]

we are entitled to upto 12 months but will prob only need about 4. I have a loan which will prob stop me from havng a full year off (unless they could freeze payments for me for 3 months, which i doubt they will )

 

[Nicola]

There really are some good deals out there for pregnant ladies (maternity leave deals etc). So pleased you got your mortgage break, it's a big chunk of change every month paying the mortgage (or rent) any breaks in that are so welcome I'm sure.

 

[valentine]

Hi Sabrina,

I've been sorting this out today too - we're with Northern Rock and have just requested the 6 month break - which will allow us some breathing space and to buy some baby bits and pieces.

They verbally agreed it, and now we have to send them a formal letter signed by us both (as it's a joint mortgage) and a copy of my MATB1 form.

Love

Valentine xx

 

[KatysMummy]

We took a mortgage break with Northern Rock & it was easy peasy, couldn't believe it.....start paying again on the 1st April

It makes a huge difference, great news you managed to get one too Sabrina!

 

[mum2be?]

This sounds like a great idea, what happens with the interest does anyone know?

Also does anyone know if Natwest does this?

 

[Sabrina]

This sounds like a great idea, what happens with the interest does anyone know?

Also does anyone know if Natwest does this?

I believe the interest gets added on at the end of the mortgage. I thought this was better than having to re-mortgage and borrow more to cover my maternity leave.

Have a look on NatWest's website I'm sure you should be able to find out if they offer the same thing in their FAQ section.

 

[noodle1]

I'll think I'll speak with mine, The Portman Building Society too. It would be useful if they could do a payment holiday at the end of my maternity leave though when we will have the least money coming in.

Thanks Sabrina x

Nikkix