How do I go about getting a mortgage break?

[Lou]

(Starting a few threads off in the new help forum)

How do I go about getting a mortgage break?

Also, what if somebody is renting, what's available for them?

 

[SimonG]

Speak to mortgage lender. Mortgage holidays are not a new thing.

Renting so far only the fact a landlord can't evict you for 3 months. Some landlords already ignoring this.

 

[Stanios]

Looked at Hallifax website my mortagge is with them. Sure you can take a "holiday" after which they re-calculate your monthly payments to take into account the extra interest. God knows what will happen after three months with a larger monthly payment and unemployment - you are now not in their "good books".

Whats new - when banks are in danger people suffer, when its the other way round and people need the help banks profit.

 

[centralheatking]

I had a mortgage payment break when we had our children 1 then twins all under 3. My understanding was because I was up to date and informed my lender in advance this was a formality and very welcome. As it worked out our company did really well afterwards and all three of us cleared the outstanding each in 7 years, there were penalties for paying off 25 year loan quick time but we did not care. Just keep your lender up to speed it will not be new news to them. At the end of the day they will not re possess anyway as house prices are deflated with few buyers so there is no point unlike the heady days of massive house price inflation Centralheatking