Mortgage holidays?

thefireinside

I was listening to Newstalk earlier and heard an economics guy mention mortgage holidays... Now I have never heard of these, but can hazard a guess as to what they mean..

My question is, how tricky are they to get? I have a mortgage but am back living at home to save money and renting out my place - this isnt covering the entire mortgage though so it's still like paying rent but next year I am more than likely taking a break from work and going travelling for 9 - 12 months. I had planned on saving loads to pay the remainder while I'm away (this of course is assuming my lodgers will still be there, otherwise im screwed).

Do you good folk think this would be a legitimate application for one of these mysterious mortgage holidays for a year? I have no idea how they work. I will be returning to a job.

Thanks for your help!

tommy21

thefireinside wrote: »

I was listening to Newstalk earlier and heard an economics guy mention mortgage holidays... Now I have never heard of these, but can hazard a guess as to what they mean..

My question is, how tricky are they to get? I have a mortgage but am back living at home to save money and renting out my place - this isnt covering the entire mortgage though so it's still like paying rent but next year I am more than likely taking a break from work and going travelling for 9 - 12 months. I had planned on saving loads to pay the remainder while I'm away (this of course is assuming my lodgers will still be there, otherwise im screwed).

Do you good folk think this would be a legitimate application for one of these mysterious mortgage holidays for a year? I have no idea how they work. I will be returning to a job.

Thanks for your help!

For deperate cases only I think. If you can afford to be planning to go travelling for 9-12 months, then unlikely you would qualify (or should). Open to correction though.

chris85

thefireinside wrote: »

I was listening to Newstalk earlier and heard an economics guy mention mortgage holidays... Now I have never heard of these, but can hazard a guess as to what they mean..

My question is, how tricky are they to get? I have a mortgage but am back living at home to save money and renting out my place - this isnt covering the entire mortgage though so it's still like paying rent but next year I am more than likely taking a break from work and going travelling for 9 - 12 months. I had planned on saving loads to pay the remainder while I'm away (this of course is assuming my lodgers will still be there, otherwise im screwed).

Do you good folk think this would be a legitimate application for one of these mysterious mortgage holidays for a year? I have no idea how they work. I will be returning to a job.

Thanks for your help!

Some mortgages allow a holiday for a certain period once in the lifetime of the mortgage. I know Ulster bank done this on one of their products where you could get a 6 month break once at time during the mortgage and wouldnt need to be under financial reasons.

Otherwise i dont think you would get one pleading financial difficulties as going on a trip abroad is your decision, not theirs, so they wont feel like they should be losing out on this.

Your only hope is your mortgage allows a payment breaks without conditions of financial difficulty.

thefireinside

Thanks for the replies- I partly guessed it would be a bit cheeky of me to go looking for it, I was just hoping that for once having a mortage mightnt be the noose around the neck its been since I got it! Here's hoping I will be able to keep it rented out and will have enough saved to allow me keep travelling and pay the remainder.

Its with AIB so I'll get onto them with my plans and see if theres any sort of grace with it.