Mortgage Holiday

[Bobbi70]

Hiya

Just wondering if you get a 6 month mortgage holiday or pay interest only for a period, can the mortgage company change the interest rate you are paying. We are on a tracker mortgage (TG). Have only (ONLY!) 9 years left as took out over 20 years. Needless to say monthly repayments very high. I do not want to lose the tracker but could do with a little breathing space at the minute to get rid of a few other loans.

Tks

 

[PaddyW]

I don't think they can change it. But check the T&C's of your loan agreement to see if they make reference to it.

 

[Finlandia]

Just be aware if you do take a mortgage holiday payment break you may notice your tracker repayment go up slightly, it is not that the tracker that has changed but they add what you didnt pay over the holiday to the mortgage and this is paid off over in the same term you agreed at 9 years and not 9 years and 6 months hope this makes sense

 

[JTHEPLUMBER]

I've actively looked into mortgage holiday and the sums didn't work out for me.

I'd rather have someone pay my mortgage for me - the indo is running a competition for GLOBRIX.IE and if you win, they'll pay €1000 a month of your mortgage for a year - all you have to do is collect tokens in the paper.

Worth a punt.