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Mortgage holiday

2 replies

WindFlower92 · 23/03/2020 14:49

Hi all, is anyone else considering this? I return off maternity leave in 2 weeks to teaching, so on a salary. DH is paid by the hour, and will potentially have to take time off to look after DD once a week. We've also had to self isolate so have missed out on a week of pay anyway. Would it be sensible to take the holiday now? And if we're on a fixed rate repayment for the next two years how much should we expect monthly payments to go up, and for how long? We've only owned for a year as well, if that makes a difference!

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LizB62A · 23/03/2020 16:26

I think it will slightly depend which company your mortgage is with - most seem to be increasing your monthly payments for the remainder of the mortgage to recoup the mortgage holiday

There is some info here on MSE:
www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#mortgagesection
This also links to a Mortgage Holiday calculator but - as above - it will depend on your lender.

WindFlower92 · 23/03/2020 17:16

Thanks for the link :) From that it seems that as we have 34 years left on the mortgage our payments would only increase slightly. Will apply and see what they say in their recalculation.

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