# Can they take me off my tracker mortgage if I need a payment holiday?



## traceyoh (14 Jul 2010)

Hi All,

I am due to go on maternity leave in a few weeks, and I will not be able to afford to pay my mortgage (even interest only, as we are only into year 2 of a 35 year mortgage, so interest is about EUR800 p.m!)

My question is, will they be able to take me off my current tracker rate if I do this? I know a Government Expertise group had recently announced that this was no longer to be allowed, but I am not sure if this has been confirmed yet or not!

I would really appreciate any info from anyone!!!

Kindest Regards,
Tracey


----------



## aristotle (14 Jul 2010)

As I understand if you cannot pay your mortgage the bank cannot use that to take you off your tracker or charge you penalty interest charges.


----------



## traceyoh (14 Jul 2010)

Thanks for the repy Aristotle. I am going to make an appointment with my local branch, but I just wanted to have some facts and figures typed out to bring with me (as I always end up getting tongue tied and confused, and I know I would end up signing away my tracker mortgage if enough pressure was put on me!!!!)

Thanks Again,
Tracey


----------



## fobs (14 Jul 2010)

aristotle said:


> As I understand if you cannot pay your mortgage the bank cannot use that to take you off your tracker or charge you penalty interest charges.


 
Think this is just a proposal from the think-tank though rather than a measure in stone. Worth approaching your lender and agreeign a paymen holiday if they are agreeable. It would help I am sure if you have a stable job to return to after maternity leave.


----------



## traceyoh (14 Jul 2010)

Hi Fobs,

Yes, I will be returning to my job after my maternity leave finishes, so what we are ideally looking for is a payment holiday for the 6 months I am on leave (my oh is on illness benefit, and we would never be able to pay the mortgage, bills, shopping)

I really hope they will do this for us. We are struggling as it is!!!

Tracey


----------

