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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

you don't have to pay your mortgage while on maternity leave - AIBU to want to shout about it?!!

161 replies

threeleftfeet · 04/05/2012 14:33

AIBU to want to shout this from the rooftops so more people know about this?!

Many mortgage providers let you have a mortgage holiday, no questions asked, while you're on maternity.

I had no idea about this, I found out by accident as I rang my mortgage provider (Halifax) to ask about something else and the nice man at the other end told me.

It made so much difference to us to simply not pay the mortgage for 6 months after DS was born.

I suspect a lot of mums go back to work earlier that they would otherwise because of the pressure of bills, and would have a much easier time being a new mum if only they knew about they didn't have to pay the mortgage.

Not all mortgage companies do this I don't think, but they don't make a big deal out of it - yours might well do without you knowing about it.

HTH someone!

OP posts:
Northernlurker · 04/05/2012 22:43

I think the idea that you have to have two adults around for two months to build a relationship with a baby that one of you just gave birth to is what's laughable tbh. It was a luxury not a necessity and like all luxuries it comes at a cost some people think unwise. By all means take the payment holiday and tell folks about it but don't pretend it's all up-side because it isn't.

Original poster
threeleftfeet · 04/05/2012 22:50

Hold on a minute. I have never said you need two adults around to build a relationship with a child!

Although perhaps worth mentions that whereas our society may not value fathers being at home, some others do. In Sweden for example both parents get 16 months as standard.

But, more importantly, the mortgage holiday was much more about me returning to work later, not DP taking the time off, as I earn more than DP. Having DP at home was a bonus, but categorically not the main reason we did it.

Many mums go back to work before they feel ready, because they feel they are struggling to pay the mortgage. It was these mums I was aiming this at.

OP posts:
Original poster
threeleftfeet · 04/05/2012 22:52

I wonder if Swedish parents think that fathers being at home is "laughable"?

The amount of bile and personal attacks on a thread simply intended to inform and help people who are struggling financially is really quite incredible!

OP posts:
Original poster
threeleftfeet · 04/05/2012 22:58

Hang on, I'm going to go back on what I said. I do think being able to be at home is a great thing for the relationship with fathers and their babies. And also great for mums, especially if they have had a C-section / PND etc.

I think that fathers only get 2 weeks as standard is pretty fucking backward.

I wish fathers got more time as standard and was pleased to see we seemed to be heading in that direction. (What happened with that in the end btw?)

OP posts:
MsVestibule · 04/05/2012 23:09

The amount of bile and personal attacks on a thread simply intended to inform and help people who are struggling financially is really quite incredible!

Indeed. TLF has posted some information that some people may find useful. She hasn't said "Get into loads of debt, it's free money, you can take off as much time as you want!" or "Interest only mortgages are fabulous, everybody should do it!". She has just explained what has worked for her, why it has suited her domestic situation, and that other people might be interested in this chargeable service that some mortgage providers offer.

I have been financially savvy since I was about 13, and yet still have an interest only mortgage, because it suits our current circumstances (and we have an LTV of about 45%). Doesn't mean I'm going to get to 65 and think "Oh dear. How are we going to pay the capital back" Hmm.

Original poster
threeleftfeet · 04/05/2012 23:27

Thanks MsVestibule, a voice of sanity!

I also resent the idea that somehow by having a mortgage holiday / going onto interest-only will render me incapable of managing my money and unable plan for circumstances changing (e.g. going back to work / paying for childcare).

I'm nearly 40 not 4!

OP posts:
SardineQueen · 04/05/2012 23:36

@ bobyan

Hilarious post Grin

Original poster
threeleftfeet · 04/05/2012 23:40

And you too SardineQueen :)

Glad you're here!

OP posts:
hhhhhhh · 04/05/2012 23:45

This reply has been deleted

Message withdrawn at poster's request.

Original poster
threeleftfeet · 05/05/2012 00:05

Thanks BeachBlue :)

OP posts:
PinkPanther27 · 05/05/2012 00:10

hey Threeleftfeet, can't believe some of the judgemental and rude responses you have got for simply wanting to offer some info to people who might appreciate it. Bet u wish you hadnt bothered now!

TheDetective · 05/05/2012 00:25

Halifax refused us a payment holiday on the basis that our equity had gone down and no longer filled the criteria, so its certainly not no questions asked. They also refused to allow us to switch to interest only on the basis that we weren't in financial difficulty, and should call back when we were.

Same here Anita I rang them 2 months ago at the start of my pregnancy, as I just wanted to know if I could afford to take 9 months mat. leave instead of just 6. They told me what they told you. And the same about to call back when we were in financial difficulty. Over my dead body - I'm not getting in to any difficulties. I just have to go back to work. They said that you had to be less than 80% LTV to get the mortgage holiday.

So OP, you sound like you have been advised incorrectly if what you state is the truth. Everyone else who is with Halifax on this thread have been told the same information.

Serenitysutton · 05/05/2012 00:32

What a silly lot of responses. Many many people would rather three months extra at home with their baby and are perfectly happy to accept this means they will pay 6 extra months to pay off the final loan when they're 55. Children won't be quite so dependant on them then will they? Not to mention as a previous poster did the options open to many to save money shopping around for new offers. Christ in 15 years you could be paying 20% or 2% interest, who knows? Circumstances change, so you take your chances when you do and stick by those choices.

Original poster
threeleftfeet · 05/05/2012 00:38

Hey PinkPanther. Actually the biggest problem is I should be studying not here but I find it hard not to respond when people are taking such rubbish!

DP asked me, who's wrong on the internet?! Grin

OP posts:
marriedinwhite · 05/05/2012 00:42

Could somebody please explain why it is more preferable to take a mortgage holiday, ie, to be excused from honouring a contractual agreement in relation to a debt taken on having specified particular circumstances than to save up six months or so of mortgage payments to facilitate starting a family in the first place.

Original poster
threeleftfeet · 05/05/2012 00:43

TheDetective I've had the mortgage holiday already, I certainly wasn't advised incorrectly as I've already done it!

However interesting to know that it may be not possible (with Halifax at least) at more than 80% loan to value.

Also on my mortgage I can switch to interest only and back for fee of £75. I know as I have done this also!

They didn't ask about financial difficulties. However they sell many mortgages, it may well be that they have different rules for different products I guess?

OP posts:
marriedinwhite · 05/05/2012 00:43

Having taken a mortgate holiday for maternity leave, what would those advocating it propose if the baby tragically developed leukaemia as an infant or young child or if your partner was struck down with cancer and you had burnt your boats?

Original poster
threeleftfeet · 05/05/2012 00:46

Taking a mortgage holiday isn't being excused from a contractual obligation in the slightest - it's taking advantage of a service which the mortgage company offers and charges for.

My god you love being a slave to the machine don't you?!

OP posts:
Original poster
threeleftfeet · 05/05/2012 00:49

if my child was tragically struck down with leukemia in the 2 years between taking a mortgage holiday on this mortgage and being able to get the next one, and I really wanted to be at home for him, then i would look at other options, such as moving in with my parents and renting my flat perhaps.

OP posts:
marriedinwhite · 05/05/2012 00:50

I have no idea what "being a slave to the machine means". Never had a mortgage holiday and no longer have a mortgage.

marriedinwhite · 05/05/2012 00:52

Moving in with parents isn't an option for all and your parents might be looking forward to spending some time on their own together having done their parenting.

Original poster
threeleftfeet · 05/05/2012 00:54

of course it isn't an option for everyone. Neither is having a mortgage in the first place. You asked what I'd do!

OP posts:
Original poster
threeleftfeet · 05/05/2012 00:57

If I had tried to save up 6 months of mortgage payments, I would never have stated a family.

But I see no problem with that. Unless you think no one should ever have anything on credit, do you?

OP posts:
Serenitysutton · 05/05/2012 01:03

Maybe people can't spare the money to save up married in white. You can only had children until a certain age but you can pay off your mortgage for as long as you like. It's hardly a big deal in the scheme of things is it?

marriedinwhite · 05/05/2012 01:26

No, I don't think one should have anything on credit, except perhaps in an emergency. If you can't afford to pay for it, you can't afford to have it.

We had our first child when we were 34 and 32 respectively (I was older). Our mortgage was £80,000; we had more than 75% capital in the house. We had both worked very very hard up until that point and DH was just starting to bring in fees. We married three years before our first child and wouldn't have started a family unless we had been sure we could manage on one income and care for that family.

I have a credit card which I applied for so the dc could have internet subscriptions to club penguin. If we hadn't had six months salary in the bank we wouldn't have felt secure enough to start a family.

When life goes tits up I could not have possibly expected my parents to have baled us out, nor would I have wanted them to. They had done their bit.