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Homeowners may be entitled to mortgage break Homeowners may be entitled to mortgage break
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Old 04-30-2008, 09:13 AM
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Post Homeowners may be entitled to mortgage break
MoneyExpert.com, the financial website, has revealed that some homeowners may be entitled to a mortgage payment holiday.The idea of taking a mortgage holiday will undoubtedly be good news for many homeowners who are struggling to cope with increased monthly mortgage repayments and rising living costs.Payment holidays allow homeowners to stop their mortgage repayments on a [...]

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Old 05-14-2008, 12:13 PM
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If I took a 6 month break, surely the interest etc would be added to the rest of the mortgage term. This means that my 6 month break would be spread over the remaining years of my mortgage, thus costing me a fortune.
Am I right???
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Old 06-05-2008, 05:25 PM
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Originally Posted by TheHouseman View Post
If I took a 6 month break, surely the interest etc would be added to the rest of the mortgage term. This means that my 6 month break would be spread over the remaining years of my mortgage, thus costing me a fortune.
Am I right???
You are right. The 6 month break will be added on to the amount outstanding and you will get charged interest on it. Please note not all mortgages allow for payment holidays.
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