Mortgage Holiday

[mickeyg]

My brother has an investment property on which he is getting good rent which easily covers an interest only mortgage which he has on it. He has now lost his job and is considering looking for a few months mortgage holiday while he sorts out his future.
Has anyone experience of doing this and how amenable would the bank be to giving such a break (bank is IIB)

 

[Arch2]

not sure sityation with IIB, but I have heard of a number of people doing this with various banks.

 

[newyork]

You may get 3 months break, if the mortgage is older than two years, although it sounds good, they lump the interest on and you pay more in the end.

 

[wheeler]

Do you need to give a reason when you apply for a mortgage holiday and if so then will they deny it if you have lost your job?

 

[EamonnOB]

A mortgage holiday won't be denied when you have been made redundant. You will have to produce a financial statement to prove you are not in a position to pay it. Use the Financial Statement on the Mabs website.