Break from Mortgage - Penalty query

M

momomo

Registered User
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Is there a penalty for taking a break from your mortgage for 2 or 3 months? If your mortgage company agree to it.
 
If the lender agreed to it I would be surprised if they charged you a penalty. You would probably have to spread the repayments you missed over the remaining term of your mortgage.
 
When did you get this mortgage , I never heard of a payment holiday (its not called a break) in the first year ????
 
2 Pack

PTSB offer borrowers the option of not making any repayments for the firs 4 months. You need to tell them that you wish to avail of this when you are taking out your mortgage though.
 
Thats a deferred first payment option not a payment holiday Helen :D .
 
2Pack said:
When did you get this mortgage , I never heard of a payment holiday (its not called a break) in the first year ????
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Have mortgage longer then a year!
I have heard of people taking a "break" from mortgage payments while saving for weddings.
 
I took a 6 month break and only had the mortgage 6 months at the time! No penalties - payments missed will just be added on to the existing loan and recalculated (this is with UB).

By the way 2Pack - with UB its called a Payment Break!!!!!
 
You should really ask your lender, I think a lot of them do it now but I'm sure they all have different conditions attached. If you contacted them they should be able to tell you if there is any penalties involved etc.
 
Tonash said:
I took a 6 month break and only had the mortgage 6 months at the time! No penalties - payments missed will just be added on to the existing loan and recalculated (this is with UB).

By the way 2Pack - with UB its called a Payment Break!!!!!
Click to expand...

Thanks guys for your help!
 
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