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The Payment Holiday feature on some mortgage plans allows the borrower to miss mortgage payments, and this can be especially useful where you may have major items of expenditure to contend with - such as a Wedding, or the arrival of a new baby!
Here we take a closer look at the Mortgage Payment Holiday feature that comes with some mortgages, and detail how we can help with a mortgage that will allow you to take repayment holidays.
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So what is a mortgage payment holiday? Well, the clue is in the name really! Quite literally, a Payment Holiday is a feature of some mortgages that allows for a short break from your regular monthly contractual mortgage repayments.
Mortgage Payment Holidays are generally the feature of certain types of mortgage, notably the Flexible Mortgage plans nowadays offered by many lenders.
The Payment Holiday feature can be a particularly useful aspect of a mortgage, especially for instance, where you may have major items of expenditure to deal with - such as an upcoming Wedding, or the arrival of a little one!
The precise scheme arrangements for Payment Holidays will vary from lender to lender, although usually you can stop making mortgage payments for a limited period up to your agreed borrowing limit as set out in the mortgage contract.
However, you should be aware that interest charges will continue to be applied to your account during the Payment Holiday period, although the missed payments will not invoke fines or penalties.
Payment Holidays then are usually a feature of Flexible Mortgage plans.
Other features of these schemes will include one or more of the following to enable the borrower to:
Yes, absolutely!
You see here at Shire Direct we have an extensive range of mortgage providers and specialist schemes within our lending portfolios, and our qualified mortgage advisors are available to discuss the options open to you. Naturally we'll carefully assess your circumstances, needs, requirements, as well as your aspirations to come up with the most appropriate solution for you.
We're positive you will find our service to be friendly, professional, helpful and not in the slightest bit stuffy. Don't believe us? Why not take a look at what just a small sample of our previous customers have had to say about us!
So, please don't hesitate to Contact Us if you would like to discuss your requirements, naturally without obligation! Our mortgage advisors are available on FREEPHONE 08000 282 281 up until 10.00pm everyday, and we'll be delighted to provide you with a rapid in-principle decision, or you can enquire online at any time!
So call us now - you'll be glad you did!
Well, we hope we've managed to explain Mortgage Payment Holidays to your satisfaction, and have answered any questions you had. Remember, there is a wealth of mortgage information throughout this website which we believe you may find useful, so why not put a little time aside and explore the many options that could be available to you, and remember we're here to help, and would love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
