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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:
SardineQueen · 05/05/2012 10:43

But thistedew what happens in the event of armageddon? I don't think people should consider children really unless they have a solid plan for what happens in the event of global nuclear war.

And what about when the apes take over? Or the zombies? What then? HMMMMMMMMMMMMM? A worrying number of people have not given any consideration at all these scenarios, it's so typical of people these days, hopeless the lot of 'em.

hhhhhhh · 05/05/2012 11:06

This reply has been deleted

Message withdrawn at poster's request.

MsVestibule · 05/05/2012 11:10

I would like to summarise people's attitudes when it comes to mortgages:

  • some people are extremely risk averse, pay it off as soon as possible. Very good.
  • some people borrow far too much and are in real trouble when interest rates go up or there is a change in their circumstances. Very bad.
  • some people borrow an affordable amount and when their circumstances change temporarily, make sensible, informed arrangements to manage that. Very good.

YY, I'm aware there are many other permutations...

When it comes down to it, if you can well afford to pay your debts and have a back up plan if things do go wrong (as the OP does), what's the problem? And I speak as somebody who has never had any debt (aside from a mortgage), but I accept other people feel differently. Good grief, I'm rubbish at AIBU, aren't I?

Thumbwitch · 05/05/2012 11:22

Barclays Woolwich wouldn't let me. No reason given why, just I wasn't eligible. No idea why, I'd never defaulted, never done anything wrong - just wasn't eligible. Pissed me right off, tbh. Bastards. Luckily for me, my mortgage payment was relatively small (lucky time to buy, I take no credit for it) so we struggled on.

BallerinaBetty · 05/05/2012 11:38

Our mortgage is with the Halifax too and we found out by accident just after dd was born that we could take a mortgage holiday for six months. It made a massive difference to us and enabled me to relax and know I could take my full year maternity leave. Without that break I would have had to return to work much earlier.

Its not necessarily the right choice for everyone but it was for us. If we could have kept up the payments and had my full year we would have. But due to our circumstances (which I dont really want to go into) it was better emotionally for me to know I didnt have to go back so soon. And yes, we did realise we would be paying it all back eventually.

So I say good for you OP and it is always worth checking things out and taking advice on what is best for your own individual circumstances.

Original poster
threeleftfeet · 05/05/2012 17:06

marriedin white you say

"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."

Under normal circumstances, no I wouldn't be running to my parents to bale me out. But you asked about what if my child got Leukemia (not a very nice question!) and I then had to quit my job.

In those kind of exceptional, awful circumstances my parents would want to help, as would I if DS has to face anything like that in his life with his DCs.

That's what family's for - as far as my family is concerned anyway - supporting each other.

You have a very limited world view! I notice Serenity else has tried to point this out to you and you said

"Oh I do agree serenity, I think I should go and live in a tower block and send my children to a sink school. It would be so enriching for us all."

What has widening your horizons got to do with living in a tower block and sending your DCs to a sink school? Serenity never even implied anything like that. It's a truly bizarre comment!

OP posts:
Original poster
threeleftfeet · 05/05/2012 17:07

Grin Thistledew (TM) Accounting Advice

OP posts:
Original poster
threeleftfeet · 05/05/2012 17:09

SardineQueen I'm fine, got a pretty thick skin, but thanks for thinking of me!

Am also enjoying the armageddon planning.

Really, really should be studying though not letting myself get sucked in!

If you see me here again please tell me to bog off!

OP posts:
wem · 05/05/2012 17:43

I'd like to apologise for my slightly arsey post upthread, about not having a grasp on your finances. Reading it back it was obvious you meant interest only.

As for the original thing about the mortgage holiday, everyone's financial priorities are different aren't they? I'm glad you it gave you time with your DP when your dc was born, and more time with him as a baby.

Original poster
threeleftfeet · 05/05/2012 18:33

Thanks wem, that's nice of you, no worries :)

OP posts:
trixymalixy · 05/05/2012 18:35

BOG OFF AND STUDY!!!! Grin

Original poster
threeleftfeet · 05/05/2012 19:16

Grin oops! Right I'm off then!

OP posts:
marriedinwhite · 05/05/2012 19:43

Its called taking responsibility. DH and I will be in a position to help our children, although I hope we have given them the skills to be independent, sensible and self sufficient. Our parents weren't in that position - when our dc were tiny they still had to work full time and had worked very had to support us - DH's especially as he was the first person in his family to go to university.

CommunistMoon · 05/05/2012 20:11

We took a 12-month agreed payment holiday with Nationwide shortly before DS was born. It was great and I don't regret it in the slightest. It would have been a struggle to manage on DH's salary and my SMP, although we could have done it if we'd had to. I reckoned that with a mortgage of around 50% LTV on a house we knew we were going to sell in a couple of years, taking advantage of a contractual benefit and incurring the extra interest was worthwhile and represented little risk to us or to the lender.

I went back to work f/t after 9 months and DH became a full-time dad for the next 3 years. Nationwide subsequently tightened up their criteria for payment holidays considerably, and we moved to a better area, taking on a much bigger mortgage when DS was 2. Having a payment holiday was strictly a one-off and we certainly can't afford to have another child, but that's all fine by us.

I used to work in mortgage lending and I now work for a debt advice charity. Sad that I'm not such a model of probity as some of the posters on here, but then I got married in a green dress and I'm in the Labour Party so fucking shoot meaaaaaaaaaaaargh

Original poster
threeleftfeet · 05/05/2012 23:03

Grin CommunistMoon

OP posts:
HybridTheory · 05/05/2012 23:13

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

Yeah but you will still be paying for it one way or another - they are in business to make money you know. And you stil owe the money whatever

Think you could shout it from the rooftops all you want but it's not really anything to be jumping at if you dont really need it.

trixymalixy · 05/05/2012 23:15

Gosh, really hybrid? Hmm

I thought the mortgage company paid it for me out of the goodness of their hearts.

ChippingInLovesEasterEggs · 05/05/2012 23:28

Great thread TLF :) Utterly dastardly of you to make well informed decisions - you will go to hell in a handcart young lady Grin

HybridTheory · 05/05/2012 23:28

trixy really??? LOL 'Think the point is (which the OPs title was) was that you don't have to pay your mortgage while on maternity leave - AIBU to want to shout about it Some people are actually thick enough or naive enogh to actually believe this at face value.

ChippingInLovesEasterEggs · 05/05/2012 23:30

No shit sherlock Hmm

Lots of parents would appreciate more time at home with the baby even though this means paying a slightly higher monthly payment when they go back to work.

ChippingInLovesEasterEggs · 05/05/2012 23:31

It's OK Hybrid, panic not, I'm sure their mortgage lenders will put them straight if they are that thick.

trixymalixy · 05/05/2012 23:39

Where's the [eyeroll] emoticon when you need one!! Maybe i'll start a thread asking for one.

Original poster
threeleftfeet · 05/05/2012 23:43

Anyone who actually reads the thread will realise it costs money.

If there are really people in this world who make significant financial decisions based on a mumsnet thread title without actually reading any further - well I'm afraid there's not much hope for them!

OP posts:
fusam · 06/05/2012 00:23

Any savings made on childcare due to being able to take a longer ML would surely more than cover any extra mortgage payments Smile.

Original poster
threeleftfeet · 06/05/2012 11:13

Good point fusam!

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