Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Mortgage Break for maternity

14 replies

CHOCOLATEPEANUT · 19/02/2008 19:10

I am in a fixed rate 2 year mortgage deal with Yorkshire Building Society and I am currently mid way through Maternity leave and feeling the pinch....

Is anyone with the Yorkshire and had a payment holiday/break?

OP posts:
donbean · 19/02/2008 19:11

have you over paid on your mortgage since setting this up?

BreeVanDerCampLGJ · 19/02/2008 19:12

Is there a clause in your mortgage ?

Otherwise they will say no, I am afraid.

When my DH was made redundant, we asked Leeds & Holbeck for one. To be honest they were most unsympathetic.

RubySlippers · 19/02/2008 19:13

we are with the Yorkshire and have had a few payment holidays here and there (just for a month at a time)

HazieAndBaby · 19/02/2008 19:15

I'm a mortgage advisor for a bank, who will remain unnamed at the moment, suffice to sy I may be a civil servant now(!) and they give up to 6mths off for a maternity break, but normally if you make 9 payments in a row, they give you one off automatically. You should check your mortgage off to see if it mentions anything about breaks or holidays. Failing that, just give them a call and explain the situation. IME banks are normally more helpful if you contact them before you get into any payment trouble.
Hope this helps! xx

HazieAndBaby · 19/02/2008 19:16

Oh, I forgot to say, I'm taking the 6mth break and I've got a 7yr fixed rate mortgage, so having a fixed rate shouldn't matter. xx

BreeVanDerCampLGJ · 19/02/2008 19:16

Hazie,

We did the day it happened, so that must make L&H real meanies....

NorthernLurker · 19/02/2008 19:16

I think I read somewhere that even if the bank etc authorise a 'holiday' they can still count it against you as a missed payment if you need a new mortgage/want to move. Does anyone know if this is the case as it would certainly make me think twice!

HazieAndBaby · 19/02/2008 19:17

Oh, I also forgot to say, you sometimes don't need to overpay to get the breaks. Okay, I'll go now! x

Original poster
CHOCOLATEPEANUT · 19/02/2008 19:20

No we have not overpaid and when I check website it says that you do have to overpay first?!

Seems starnge as who is in a position to overpay these days.Managing to pay at the moment but pay dropping at an alarmong rate every month until I go back in June and getting a bit nervous about it all..

OP posts:
HazieAndBaby · 19/02/2008 19:27

I would give them a call in the morning then CP and discuss it with them. There's a couple of things that you could do to reduce the payments if you're really struggling, like increase the term for a while or change to Interest Only, but I would only use these as very short term measures. I know what you mean about overpaying. We get loads of customers saying that they'll do it but hardly anyone does.
Sorry to hear about that Bree. I used to work for them but not as a mortgage advisor and they did seem a little inflexible at times, but that was while ago though. Banks are a little more flexible now, but I guess there are still a few exceptions.
xx

evenhope · 19/02/2008 19:35

We have had a 6 month instalment break (also on a fixed rate). We had to pay £50 to do it.

Original poster
CHOCOLATEPEANUT · 19/02/2008 19:39

who was that with evenhope?

OP posts:
evenhope · 20/02/2008 14:41

C & G

Original poster
CHOCOLATEPEANUT · 20/02/2008 19:19

Rang them today and they said they could reduce to interest only (saving is £200 a month) BUT they would add £20 to payments for the rest of the term!

Needless to say I declined.Got to get some gear on ebay ....

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread