It would seem that you view taking additional maternity leave as just such an emergency. Take two extra months instead of three and use the money you have saved for this.A bit of savings - enough for one months mortgage plus an extra emergency month which we never touch just in case. This is purely emergency money.
Classic Irish moralising from the above posters. I'm sure every decision you two have ever made in your life wouldn't stand up to such strict scrutiny.
OP wants to extend her maternity leave and is simply trying to figure a way to do it. Bank is not going to "fund" the leave - she'll still pay everything she owes. Perhaps if she wasn't a woman the sentiment may have differed.
I am not an expert on this matter, and you would be advised to get some more concrete advice, but from where I am sitting, you could try the following:
- Start overpaying your mortgage by as much as you can afford
- Pay a small/token amount during the 2-3 month stretch
- Return to overpaying after you go back to work until you have cleared the arrears.
I would contact my local Citizens Information Centre or MABS office, they should be able to provide you with some solid advice in a non-judgmental manner.
Trying to keep emotions at bay...very angry...here goes:
Contacted mortgage lender to ask if we could have a 3 month moratorium so I can take 16 weeks extra unpaid maternity leave. Currently on maternity leave and getting 75% pay from employer. This ends at 26 weeks.
Husband is self employed. Business going well.
No issues with debt - no credit cards. The only money we owe is a car loan - very manageable. Never missed a payment.
Large mortgage - 27 years to go - never missed a payment.
Very cautious individuals and have no credit cards and save what we can.
A bit of savings - enough for one months mortgage plus an extra emergency month which we never touch just in case. This is purely emergency money.
Bank have refused the moratorium!
Really don't understand why! Is it because we have savings?
Angry and want to just stop paying mortgage for a number of months until I return to work. What are implications of doing this?
EmmaI maybe should have mentioned but It states in our original documentation that a special product feature on our mortgage is the ability to take a six month moratorium during lifetime of mortgage.
Good advice from Brendan,Emma
If your contract allows it, then you simply insist on it.
If your contract doesn't mention it, but "other documentation" does, then you will be entitled to it.
Unfortunately, the Central Bank has told the banks that even in these cases, the borrower must complete an SFS, which is nonsense.
You should not rely on what you were told on the phone. Notify the bank in writing that you will be taking a moratorium and they are to confirm that they will not be taking the money from your bank account.
Brendan
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