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It should be remembered however, that providers who do offer mortgage payment holiday will tend to do so only if certain conditions can be met by the customers. The following are some examples of conditions in which a provider may allow a payment holiday:
In order to be eligible, most providers will require that customers have at least of been reliably repaying their mortgage for a set period of time without any issues. If a requested payment holiday is successful, the customer may be able to take up to a year off from making any of their mortgage repayments.
If you are struggling to balance your financial commitments, a mortgage payment holiday may provide you with valuable breathing space to help you set your affairs in order. The cost of making these regular mortgage repayments can be extremely costly for people in some situations, and a repayment break may allow customers to put money towards other expenses.
Borrowers with a high level of debt are often attracted by mortgages with payment holidays. More flexible agreements may also allow customers to overpay on their mortgages if their circumstances allow it.
It is an unfortunate fact that many mortgage contracts will have harsh financial penalties for customers who are late with their repayments. However, by shopping around for a more flexible mortgage, customers may be afforded considerably more freedom where their mortgage is concerned.
To help find a suitably flexible agreement, it is recommended to shop around as much as possible using our comparison tables to find the best mortgage deal available.