Mortgage holiday/reduce payments

[Hattie78]

Hi
Has anyone taken a mortgage holiday or switched to interest only payments for a short period of time? How long did it take to arrange and are there any downsides? Will it reflect badly on me in the future if I need another mortgage?
Thanks for any help.

How long do you want a mortgage holiday for? Our mortgage provider allows two every 5 years... no more.
I’m not sure it would be that easy to switch to interest only payments for a short period of time as you would have to re mortgage?

Hi - thanks for your reply. A few months I would imagine.

Mortgage holidays can show as arrears on your credit record so yes it can impact your chance of future mortgages. It also means you end up owing more - the interest is still mounting up and you’re not chipping away at it at all.