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Question about Mortgage holiday

  • 05-05-2009 11:10am
    #1
    Sanjuro
    Registered Users, Registered Users 2 Posts: 4,241 ✭✭✭


    I've recently been laid off for a period of time (I will be returning to the job in July). I have a mortgage with First Active, and I was wondering if it would be possible to take a break from payments until I return to work in 10 weeks. I do have enough money to cover my repayments until I go back to work, but I'd like the breathing space, if you get me.

    What I'm wondering is, should I take a break from repayments if I can get by for the two months, or would it just be more hassle than it's worth? I'm just unsure if I'd get a bad credit rating or my name would be tarnished when it comes to future loans or whatever!


Comments

  • #2
    Senna
    Registered Users, Registered Users 2 Posts: 8,800 ✭✭✭Senna


    If the payment break is authorised by the bank then it wont affect credit rating. If the bank allow you to and you wont know that unless you ask them, then its a very simple process after that, usually just a letter from yourself formally requesting the break (no explaining why etc)


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