Payment holidays - conditions

A

AndyDub

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I will need, very soon to convert the attic of my two bed house to give an extra bedroom. Would my bank consider this a good enough reason to give me a mortgage break? I've not had a break before, and have been paying my mortgage with no issues for past 5 years.
 
By mortgage break I assume you mean an interest only period, as AFAIK no bank is offering a full repayment break. It all depends on the Bank, the LTV on the property and your repayment record.
Best to send in your request in writing and highlight the fact that this should not be a MARP issue as you will resume full repayments after the break period. Also, look at your Letter of Offer. Some banks included an ability to take a break period as part of the T&C's of the facility.
 
My contract with ICS says I'm entitled to 4 payment holidays of 3 months during the term of the mortgage. I asked them for this holiday last month and they sent me the MARP forms.
 
Common occurrence. This is standard. just send in your letter to them with a copy of this clause highlighted and tell them that you are availing of the payment holiday of 3 months clause. Put in the dates you require and request confirmation that the direct debit payment will be adjusted accordingly. Follow-up on a return from them.
 
44brendan said:
By mortgage break I assume you mean an interest only period, as AFAIK no bank is offering a full repayment break. It all depends on the Bank, the LTV on the property and your repayment record.
Best to send in your request in writing and highlight the fact that this should not be a MARP issue as you will resume full repayments after the break period. Also, look at your Letter of Offer. Some banks included an ability to take a break period as part of the T&C's of the facility.
Click to expand...

44Brendan, I posted this over in arrears and it might be of interest to OP as well. I am currently pursuing it with my own lender.

http://www.independent.ie/national-...y-to-homeowners-with-other-debts-2993722.html
 
OP is in the good position of having a contract that entitles him to a series of payment holidays. The Bank have no option but to agree unless he has already used up the holidaperiods, or has broken the terms of his mortgage agreement.
 
Thanks, I will contact them as you have proposed. Hopefully they will approve the break.
 
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