Hot Topics

Do I Need a Guarantor?: If your lender is concerned about your ability to meet your mortgage commitments, they may ask you to provide a Guarantor.
Interest Rates Explained: APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
What Happens If I Am Refused A Mortgage?: If you are refused a mortgage it will be because you have a poor credit rating and/or a bad credit history.
Can I Take A Break From Making My Mortgage Repayments?: The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
What Happens If I Can’t Keep Up My Repayments?: It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.

Can I Take A Break From Making My Mortgage Repayments?

The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.

You also have the freedom with an ISA mortgage to have payment breaks, as ISA’s allow you the flexibility to save as and when you like.

If you would like or need a break from your mortgage repayments, and your mortgage does not have the inbuilt flexibility to allow you to do so – you will need to contact your lender to see if you can come to an arrangement.

If you are granted a break – you will need to increase your subsequent payments to make up for the lost capital, so that you are back on track afterwards to pay the mortgage off at the end of the term.

Always discuss a payment break with your mortgage lender first – never cancel your direct debit without any communication.

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