Implications of using Mortgage Payment Protection to take a break from payments

[p4355]

Hi

I am currently out of work, my partner is in full time work, but is extremely unhappy.

We are covering our bills and mortgage and have mortgage payment protection, and were wondering what the implications if any to our credit rating / future mortgage applications if we were to make use of a break in payments for one of us to go abroad to find work.

 

[NorfBank]

Were you made redundant? If so you may be able to claim on the protection policy.
If your partner voluntarily leaves work s/he will not be covered.

If you miss a payment without making a prior arrangement with your lender then they can record this on the Irish Credit Bureau. This will affect your credit rating.

If there is an agreed break in payments then your credit record will not be affected.

 

[p4355]

Thank you, I was made redundant, will taking an authorised break in payment effect us getting a mortgage in the future/ cost more in future mortgage protection premiums?