Hi SuziW.

Have you asked your mortgage lender whether they'd be prepared to entertain this idea?

Are you entitled to a mortgage holiday under the terms of the mortgage?

Hi TDA,

I haven't approached the lender yet , still a few months away, but payment holidays are included in the terms of my mortgage, I haven't taken any and may be limited by the LTV. However, just wondered from a trustee perspective if this was an avenue worth exploring or if anyone else had successfully or unsuccessfully tried this?

Hi TDA,

I haven't approached the lender yet , still a few months away, but payment holidays are included in the terms of my mortgage, I haven't taken any and may be limited by the LTV. However, just wondered from a trustee perspective if this was an avenue worth exploring or if anyone else had successfully or unsuccessfully tried this?

Hi SuziW.

I cannot remember anyone writing on this subject here before but that's not to say that someone reading might not have some experience of this.

I'm trying to think why a trustee would object to this if you have completed your monthly contributions. I cannot really think of anything.

Hi both

It is a fairly common request and as long as it receives the agreement of the Trustee, then there should be no issue.

We receive perhaps one or 2 requests a month on this basis and fax something over to the mortgage company in agreement and that tends to resolve things. I dont see the mortgage holiday as being detrimental to creditors.

Mark

Thanks Mark, I will certainly look into this then when the time comes. Would be great to get the equity out of the way over 6 months if it turns out to be a possibility. Fingers crossed!

Hi SuziW

I'm sure it will be fine. As I said, I can't see any valid reason for not getting the Trustee's agreement and hopefully, as you say, you can bring it to an earlier conclusion.

Mark

Sounds like a good plan - as long as you speak to your trustee first, SuziW.

Hi SuziW

I would echo what Mark and Kevin have said. If your mortgage company are willing to give you a couple of months payment break which will allow you to pay over the equity quicker I see no problem with this.

Check with your mortgage company to see what impact this could have for the mortgage and how much it may cost you. I know some mortgage companies add a charge to your mortgage for taking a payment break.