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3 month mortgage break -good idea or bad idea?

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  • 25-01-2009 12:25am
    #1
    BennyBlanko
    Closed Accounts Posts: 179 ✭✭


    Hi,

    Moneys tight with my redundancy of late and I've bills like Mortgage, loans, etc like many of us all these days.

    I spoke to my mortgage provider and asked what my options were to ease the mortgage burden.

    I'm entitled to a 3 month break on mortgage payments every 2 or 3 years i think he said.
    There's no extra fees for this or charges.

    However, I wonder would this affect my credit rating if i take the 3 month break?

    anyone know or have any advice?

    Rgds,

    NIF


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Shouldn't do as you're not actually missing payments, but just deferring payments. It's different from you just deciding not to pay it for 3 months, and them stopping the payments.


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    #3
    BennyBlanko
    Closed Accounts Posts: 179 ✭✭BennyBlanko


    Good point, thanks - they know verbally now that i'm between jobs as i told them - does that make any difference to my credit rating?
    should'nt as i have'nt missed any payments....thoughts?


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    #4
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Nope, being between jobs or taking a mortgage payment break will not affect your credit history/rating for the future. Provided you dont miss payments on any loans you are good :) You have also done the right thing in contacting the bank and advising them of your situation. This shows responsibility on your part.

    The only way being between jobs would affect your regarding loans is that if you applied for a loan now you most likely would not get it.

    Another option to consider, if you think you might need more than 3 months payment break on mortgage, is interest only repayments. OK, you would still be making payments monthly, but only the interest, not the capital and this option can be available for a longer period, up to a year. You would have to check the details with your bank to see if its feasible.

    Hope all goes well for you :)


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    #5
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    BennyBlanko wrote: »
    Good point, thanks - they know verbally now that i'm between jobs as i told them - does that make any difference to my credit rating?
    should'nt as i have'nt missed any payments....thoughts?

    An agreed 3 month break is a lot BETTER than a mising or late payment...


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    #6
    thetyreman
    Banned (with Prison Access) Posts: 451 ✭✭thetyreman


    GerardKeating wrote: »
    An agreed 3 month break is a lot BETTER than a mising or late payment...


    I was just wondering do most people not take out Mortgage,Income Protection Policys when takeing out a mortgage,do these policys not pay your repayments for you for so long if you cant???


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