Redundancy & taking a break from mortgage.

[chestnut]

DH is being made redundant this month and as yet has no job to start immediately after this. We have childcare to pay, mtg, as well as other bills. I was wondering if I can ask my MTG lender if I can have a break from payments for 2-3 months so that we will not be under huge financial pressure, given that the reason will be redundancy. I know that a job will be found by March.

Chestnut

 

[TonyD]

Re: Redundancy & Taking A Break From Mtg

I beleive the term used is moritorium, and the best place to go is your branch and they can organise this for you.

If your on a fixed rate some lenders may not allow a payment break, if you haven't previously had a payment break there should be no reason you shouldn't be able to get one.

 

[Mortgageman]

Hi,
It depends on the lender but my experience has been that a lender will look very favourably on you bringing this to their attention NOW rather than waiting until you can't make the monthly payment ( I'm not suggesting that this will happen but I am sure this is a potential worry for you). Ring them ASAP.
At a minimum the lender should be able to put you on an interest only option to reduce your monthly payment for a set period of time.

Despite all the doom/gloom being reported in the papers the employment situation in general is quite favourable out there so hopefully your hubby will not have to wait long to get a new job. Also there will be a redundancy payment due which should help tide ye over for a while.

Hope everything works out