Redundancy & taking a break from mortgage.

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

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.

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