Availing of interest only option

[markyw]

Hi, I hope someone can help me on this.
Part of my mortgage agreement has a provision to avail of 36 months paying interest only. I have used up 10 months of this provision when I first got my mortgage a few years back. I have been a fulltime employee since I took out my mortgage. I am now in the process of setting up my own business and cashflow will be tight for a few months. I want to avail of the interest only payments for a further few months. I was talking to someone who was telling me that by leaving my fulltime job I would be breaking the terms of my mortgage as mortgage agreements usually have a clause requiring that you will remain in fulltime employment.
So I have two questions,
1 Is it normally part of a mortgage agreement to agree to remain in fulltime employment?
2 What's the best way of saying this to my mortgage holder? (i.e. should I tell them I'm leaving a fulltime job to set up my own business or should I tell them something else?) I'm remaining on parttime in my job until my business gets up and running.

I'd appreciate any info or advice people may have on this.

 

[ClubMan]

I was talking to someone who was telling me that by leaving my fulltime job I would be breaking the terms of my mortgage as mortgage agreements usually have a clause requiring that you will remain in fulltime employment.

1 Is it normally part of a mortgage agreement to agree to remain in fulltime employment?

Why not just check your own loan agreement to eliminate any uncertainty?

 

[Gekko]

should I tell them something else

Under no circumstances should you tell them anything. If the agreement provides for an additional 26 months of interest only repayments, then just contact the bank and tell them that you wish to avail of the additional period.