# can i take a 'break' from paying my mortgage?



## positivenote (13 Nov 2007)

Hi all,
just a quick enquiry. We are on a 30 year mortage (since april 2006) with Permo. My partner wants to reurn to 3rd level full time studies and we are looking to save towards that. Is there any way of not paying the mortage for a period of time, say 6-12months and adding it on at the end of the time so that we could save the money that would have been going into our mortage during this time frame?
Thanks in advance for any advice


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## LDFerguson (13 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

Permanent TSB certainly offer this facility to new customers.  I'm sure they'll offer it to you also.


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## HappyBudda (13 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

Hi,
Just ended payment holiday with PTSB. Have been with them 4 years and was allowed just 3 month holiday.
But beware, this payment holiday is seen as a moratorium and does affect your credit rating over duration of payment holiday.
Hope this helps.


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## ClubMan (13 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

Try searching _AAM _for previous threads on  and .


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## ClubMan (13 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*



HappyBudda said:


> But beware, this payment holiday is seen as a moratorium and does affect your credit rating over duration of payment holiday.


How so? Surely if the break is agreed then nothing untoward is recorded on your _ICB _records for other institutions to see? Of course the interst accruing will be capitalise and the break will cost you compared to sticking to the normal repayment scheduled but that's a separate issue.


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## PM1234 (13 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

ClubMan is right. A moratorium is agreed with your lender. It is not failure to make repayments and should not affect your credit rating at all.


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## HappyBudda (14 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

When the new lender does credit search he sees a moratorium against your mortgage.  
Your mortgage provider does not update this until end of payment holiday.
I can attest to this as it happenend to me.  Mortgage provider PTSB.  Potential new lender told me they did not have to tell me why loan was declined but as i had a perfect credit score and i was curious he told me to reapply after payment holiday as they had no way of discerning whether it was said holiday payment or indeed a failure to pay and all would be sweet.


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## demoivre (14 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*



HappyBudda said:


> Potential new lender told me they did not have to tell me why loan was declined but as i had a perfect credit score and i was curious he told me to reapply after payment holiday as they had no way of discerning whether it was said holiday payment or indeed a failure to pay and all would be sweet.



Could the potential new lender not see from your current account records that there were no unpaid DDs during the break period?


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## HappyBudda (14 Nov 2007)

*Re: can i take a 'break' from paying my mortage?*

Thats a strange one as mortgage is paid out of partners acc, no mention of it in my acc


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