Mortgage payment holiday - as I travel the world

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lazing

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I am in the fortunate position to be able to take 6-months out from work, and am using the time to go travelling. I am weighing up what to do with my apartment (ie home) in the meantime, and how to keep my mortgage ticking along. As I see it, my options are:
1. Continue with mortgage repayments (capital and interest) as normal, funded largely through renting my apartment
2. Switch to interest only, and again rent my apartment
3. Take a mortgage payment "holiday" for the 6-months, and not rent my apartment.

I recently refurnished my apartment, and am not overly keen on having people living there. In addition, I would need to hire storage for much of my personal effects while away.

My head tells me Option 2, while my other half tells me Option 3. Advice appreciated.
 
Bear in mind that stamp duty clawback may be an issue if you purchases the place less than 5 years ago and you now want to rent it out.
 
have you tried crunching the numbers to see what the payment holiday or interest-only option would cost? http://www.jeacle.ie/mortgage/
have you approached your lender regarding whether they are likely to agree to a 6month payment holiday (possibly ruling out option 3)?

that said, i usually go with gut instinct.. if you're happy with someone renting the apt while you're away, and there are no clawback reasons why you shouldnt.. maybe thats the answer
 
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If you go for the payment break option ensure you check your ICB after the 6 months because i heard a story whereby someone took a payment holiday from their mortgage and was refused a loan a while later and when they checked the ICB it was showing 3 months unpaid on the mortgage. Just a precaution. All in all i can't see the harm in the payment break you only live once!
 
Well if all of yr stuff is new - I would be reluctant to rent - plus most rental contracts are for 1 year, maybe hard to get a 6 month renter.

How about a 4th option:

Option 4 - try and find a friend or relative - who would rent at a discounted rate - that way you get help to maintain yr int only mortgage payments - and can be satisfied that they would look after your place whilst away - not just keeping the furniture etc in good order but keeping apartment lived in so you don't come home to some other disaster.

Paddy
 
Thanks all - certainly very good advice.

Option 4 might be best alright... a problem shared...
 
Just remember stamp duty claw back could be an issue even it you are renting at a discounted rate to family
 
There are several different potential implications with renting out your PPR. See this post for a brief summary of some (most?) of them.
 
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