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

[threeleftfeet]

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!

But you aren't saving childcare. I'm on mat leave at the moment. When I am at work childcare comes out of my salary, at the moment I don't have a salary.

Disclaimer, I ve not read all replies
I wish I'd have known about this
My wage pays the mortgage, and I had to go back to work when my pfb was 3months
At thus time she was ebf, and had refused all efforts at getting her to take a bottle failed
She screamed her self to sleep every afternoon at her child care until 6 months ( weaning)
A few months mortgage free would have made a huge difference to her wellbeing, and my transition back to work

Svrider I'm sorry to hear your experience that sounds really difficult.

If you're planning on having another, might be worth remembering to ask about this if you remortgage beforehand.

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

Indeed, but the thread title is rather misleading so I imagine that's why there's been so much vitriol here.

Perhaps it would have been better to title it 'You can take a mortgage holiday while on maternity leave'?

The thing is, the title implies that it's something special related to having a baby, like an extension of SMP or something, when in reality you can often take a payment holiday for whatever reason you like, provided you have the necessary agreement in place.

I'd imagine that some people read the title and were then rather disappointed to see that you're talking about something which is somewhat different to what they expected.

Shelly my mortgage only allows mortgage hollidays for maternity/paternity leave or sickness only, you can't take it for whatever reason; of course yours could be different.

Frilly, I saved money because my wage on return to work after childcare/travel and other work expenses was not that much more SMP in that first expensive year so I guess it depends on your salary.

I don't understand the fierce opposition on this thread haven't people taken up zero percent balance transfers or used credit cards on big purchases in order to take advantage of various protections? It should go without saying that everyone should make any financial decision responsibly.

Thanks threeleftfeet, yes it was a very difficult time
The maternity leave has improved now, and i was able to stay off longer for both subsequent dcs
The payment holiday would have been really useful though
I wish I had known

Oh yes of course. I was thinking about when you get to unpaid at then end of maternity leave. I blame baby brain!!

:-( Lloyds won't give us more than 2 months of a mortgage break.

Ive never read such an utterly pathetic argumentative thread.

OP, well done for standing your ground.
I'd have given up by now

The only thing I will say about this is:
don't assume they will give you a payment holiday like we did because 4 years ago it was plastered all over Nationwide's advertising stuff, kept getting stuff through the post about it etc etc etc.
So when pregnant, prior to finishing work I rang them and asked them to envoke the payment holiday.
And they wouldn't because our LTV was more than 50%.
And they wouldn't let us go interest only for a year because we had less than £120k equity in the house.

In RL I know very few people of child having age who have less than 50% LTV and more than £120k equity in their homes.
Of course there are probably millions of them on MN!

Lloyds told us that things had changed and you need to provide all your out goings etc and the most they give now is 3 months and to get that, you have to provide a detailed account of income and outgoings

They have said that we could do interest free for 12 months but have to provide the same info for the income outgoings.

Apparently things have been tightened up over mortgage breaks.