Does taking a break from mortgage repayments affect your your credit rating?

A

adviceplease

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I own a house with my ex, he still lives in the property, I moved out and renting... My ex wants to keep the property and take over the repayments but may not be able to. If we apply for a break in repayments while we decide whats the beat option will this effect his chance of getting the mortgage to take the property over? €291,000 is owed on the property and its value at the moment is about the same.
 
Re: Does taking a break from mortgage repayments effect your your credit rating?

if its agreed in advance with the bank it wont affect your credit rating.

i dont see the banks being too keen on granting any payment holidays at the moment, but they might let ye go interest only for a few months.
 
I took a payment break some years back, as I had to work abroad.
It had no impact on my credit rating.

Nicola
 
Thanks for the feedback, Is it best to make an appointment with the bank and go explain the situation face to face as I feel I get nowhere with them over the phone, then the request everything in writing, and I hear nothing back!! very frustrating!
 
I'd suggest face to face.
I think there are so many people applying for breaks at the moment, that you're best to go in in person.
When I did it, I negotiated directly with my bank manager (but I have a long standing relationship with him)
Best of luck with it, I hope it works out for you.

Nicola
 
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