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Mortgage moratorium

  • 14-01-2019 6:48pm
    #1
    Trotsky00
    Registered Users, Registered Users 2 Posts: 18 ✭


    Hi,

    In the process of completing the paperwork for our first mortgage. We have been offered a moratorium from 1-6 months at the start of the mortgage. Any advice on this? I know it will cost us in the long run but a couple of months break from repayments would really help us get on our feet. Thanks


Comments

  • #2
    vkus6mt3y8zg2q
    Closed Accounts Posts: 197 ✭✭vkus6mt3y8zg2q


    Trotsky00 wrote: »
    Hi,

    In the process of completing the paperwork for our first mortgage. We have been offered a moratorium from 1-6 months at the start of the mortgage. Any advice on this? I know it will cost us in the long run but a couple of months break from repayments would really help us get on our feet. Thanks
    Took 3 month moratorium when we bought our house. Found it helpful to have a few months without a mortgage repayment to get the house sorted. I found 3 months plenty though, six seems a lot


  • #3
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Not a fan, don’t fancy paying off the couch or kitchen table for 30 years.


  • #4
    KilOit
    Registered Users, Registered Users 2 Posts: 3,019 ✭✭✭KilOit


    We took 3 months just to get our head around things, worked great, the interest is still added but we put the money we didn't pay for 3 months back into the mortgage.


  • #5
    Wexy86
    Registered Users, Registered Users 2 Posts: 439 ✭✭Wexy86


    Trotsky00 wrote: »
    Hi,

    In the process of completing the paperwork for our first mortgage. We have been offered a moratorium from 1-6 months at the start of the mortgage. Any advice on this? I know it will cost us in the long run but a couple of months break from repayments would really help us get on our feet. Thanks

    Do you mind me asking which provider is offering the moratorium? Looking to purchase in the coming months and would be ideal to allow for any unexpected costs that come along


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