Mortgage Break Question

Adrift

Looking for a bit of advice here.
　
Has anyone ever taken a short break from their mortgage? If you could look over the following scenario and give some helpful advice that would be appreciated. Basically I was considering ringing the bank and asking for a months or two grace from the mortgage.
　
We're in the house 4.5 years now and never missed a payment, my wife lost her job a couple of years back but we've managed ok until now. Basically there was a few unforeseen events last year. So at the start of this year we find ourselves in the red a little. If I had a month, 2 max off the mortgage I'd be able to sort this out, because as it is the dent in the bill is going nowhere. Just to note I wouldn't be shirking my responsibilities here, I'd fully expect the months off to be spread out over the rest of the mortgage payment. My question is, would the bank go for an arrangement like this? Has anyone been in a similar scenario?

D3PO

Your looking to be responsible and looking at the face of it they should. However I'm not confident that any of our banks have the ability to properly manage these situations so they probably wont.

They way they are most likely looking at it is that you pay every month so no. Which is ludicrous. Hopefully they will please let us know the outcome.

StillWaters

Have a look at your mortagage contract, some offered the option of a payment holiday.

jimmy the car

I'm sure every mortgage is different, but having read the T&C's of the one I hope to take out in the not too distant furture my bank are saying you can take a break but it would need to be paid for in advance e.g. monthly pamyents of €1000, if I wanted to skip one I'd have to have that €1k built up from previous payments in order to renage on a months. My mortgage is also hopefully being drawn down in the north too, there could be some bearing on that as well, but I'm guessing all banks are the same with regards to things like this.

Outkast_IRE

Adrift wrote: »

Looking for a bit of advice here.
　
Has anyone ever taken a short break from their mortgage? If you could look over the following scenario and give some helpful advice that would be appreciated. Basically I was considering ringing the bank and asking for a months or two grace from the mortgage.
　
We're in the house 4.5 years now and never missed a payment, my wife lost her job a couple of years back but we've managed ok until now. Basically there was a few unforeseen events last year. So at the start of this year we find ourselves in the red a little. If I had a month, 2 max off the mortgage I'd be able to sort this out, because as it is the dent in the bill is going nowhere. Just to note I wouldn't be shirking my responsibilities here, I'd fully expect the months off to be spread out over the rest of the mortgage payment. My question is, would the bank go for an arrangement like this? Has anyone been in a similar scenario?

My parents got a mortgage break and paid interest only from ptsb for 1 year, this was 2 years ago, they are in general agreement now that its one of the stupidest things they did but at the time they had no choice due to illness.

Lets say their payments used to be €600 a month , when they went back to normal payments they were over €800 a month............

Do alot of research into what the payments will be when you go back paying again as sometimes its not worth it unless its a last resort.

westies4ever

It depends on your bank - Permanent Tsb offer payment holidays of up to 3 months and you can do this 3 times in the lifetime of the mortgage; I dont know about any of the other banks.

kennyb3

Surely rather than engage in all the potential hassle is to get a loan of some other sort (CU loan) seen as your saying you only need a month (€2k max pm mortgage i'd guess) or 2.