Taking mortgage breaks?

[bronze]

I was wondering what people could tell me about doing this. How it will impact on future payments for example.
We've been struggling for a while now and its a bit rob Peter to pay Paulish at the moment. What we would like to do is not pay our mortgage for two months and to use the money to get ourselves on top again.
Are mortgage companies allowing this at the moment? Do you end up having credit checks or anything like that?
As you can see I know little about it and am nervous when it comes to money. DH thinks they won't let us and its not worth trying.
any advice?

I took a payment holiday when on mat leave with ds1. I was able to do that because I'd always paid off a bit extra and so my mortgage account was 'in credit'.
Then when I went back to work I just started the payments again.
I could not take a 'holiday' of more than the extra I'd already paid off the mortgage.
If you don't have any overpayments money on the account like I did, then I can't see the bank allowing it, unless you just miss a payment.... (which they would not like and which could end you in trouble with the lender).

I think it depends on your lender. We took a 3 month break last year, our lender allows 3-12 months but you can't take a further break within a time period (can't remember how long it was). We hadn't overpaid.

When we started repaying again our payments had gone up very slightly to make up the shortfall so that we didn't have to extend the term.

It was worth doing for us, but we had to be very disciplined in clearing the overdraft and not just enjoying the extra money each month!

Definitely worth checking your mortgage details, with mine being able to take payment holidays are a part of the package which is one reason why I chose it. Even if it's not a part of your package, they may allow this anyway given the current climate, and the requests from the government for mortgage companies to be lenient on customers.

well I tried ringing them and as we have a fixed rate apparently it isnt possible. I'm glad we're fixed though to be honest so we'll just have to carry on penny pinching.