quick mortgage-related query

Hi folks,
Just wondering if it might be at all feasible to defer mortgage repayments for a year? (i.e. we've a 25 year mortgage with UB and are in our 3rd year of it.)

Might a bank be willing to discuss the deferring of a year's repayments, so that the mortage actually spans 26 years (i.e. skipping say the 4th year's repayments and starting them again in year 5, and coninuing as normal)

Might be a stupid question but it would be preferable (at least in our case) to getting a term loan to help pay for various upcoming expenses.

Thanks in advance for any info!

B.

As long as all payments have been made to date Ulster Bank will normally allow a payment holiday for 6 rather than 12 months. The 'missed' payments are then spread over the remaining term although, subject to criteria and an ammended/new mortgage protection policy to cover the longer term they may extend it. Contact UB's customer service.

Sarah

www.rea.ie

Thanks for the info Sarah - appreciate it.

B.