We have been hit by a huge tax bill. It’s pretty unprecedented and will never happen again. We kind of knew it was happening, but it’s been a busy, horrible year and it just didn’t click.
We have arranged a 12 month payment plan with HMRC but it’s still a huge amount of money. We can make it work by a family loan or moving other money around but the latter may lose us £££ in the long term. So we are exploring all options.
I am aware that family friends have used mortgage holidays when they have had a year of expensive childcare costs, or periods where one of them is unemployed. Just paying the mortgage interest will take some of the heat off.
But are there any downsides?
Will we get hit with other penalties down the line like a reduced range of products when remortgage time comes?
interested to hear experiences and anecdotes.
many thanks :)