Freezing my mortgage

P

Pablo74

Registered User
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Hello all,
I know this may be a silly question but what are the chances that my High street bank would freeze my mortgage for a year. I am getting married next year and we have been saving hard for a good while but instead of getting a loan out (which i dont want to do ) would my bank allow me to freeze it for a year. I know with the present climate this may not be allowed.
I have banked with them for 20 years now and do most of my business with them. I have 20 years left and am paying about 650 per month. My mortgage has 105,000 left and the property is worth about 270,000
Thanks
Pablo
 
What do you mean by "freezing" the loan? Going interest only? Stopping all repayments for a period and thus, presumably, capitalising interest and possibly extending the mortgage term? Something else? You say that you don't want to get a loan but if you take a mortgage repayment break then you are effectively borrowing against your home to fund your wedding.
 
I don't mean to sound unromantic, but it doesn't make sense to have an expensive wedding if you can't afford it.
 
I think that you may be looking for a moratorium. This is where you stop making all payments for an amount of time and the interest is then added on at the end of the stopped period and recalculated. I did this when I built my own house, as we could only afford the cost of the build payments, so as they released the second mortgage for the build, the first one went on hold for a year. It costs more, it extends the pain, but was the perfect result for us at the time, and no regrets. Co-incidently, I also got married last year, and I would agree with Flax to some extent. It is possible to have a wedding on a budget, and you have the rest of your life together, so be careful what debt you get into at this stage. (We went on our honeymoon 1 year after) One thing that helped us at the time was that whenever asked what gift we wanted, we found 20 different ways of saying cash. May sound crude, but was appreciated by most. Whether it was a tenner, or 100, it didnt matter, as we managed to cover over half the wedding costs.
 
I forgot to mention also, that there was an unwritten rule, at the time, that the bank would let you do this once in your lifetime, for any reason, whether that be to travel to see the world for a year, or go for a life saving operation. It may not be the same now though...
 
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