Mortgage Holidays

Do you need a break?

For a lot of people, the last 3-4 years have not just taken a toll on our health and well-being but our finances too. It has been a global challenge, that we are still sitting very much upon whilst the financial plays out.

If you are struggling to pay your mortgage through loss of earnings or health-related conditions then we strongly advise that you reach out to a professional.


Tel: 0203 640 7600


If you like to take matters into your own hands, then you may have not considered that there could be multiple options out there for you.

Taking a Mortgage Holiday

A mortgage holiday is basically a break in mortgage payments for a limited amount of time for you to financially take a break if you must. To be able to see if you qualify to firstly take a mortgage break you will need to:

  • Check your mortgage terms and conditions to see if payment holidays are in the contract of your agreement.
  • Calculate how much your monthly payments would be after the holiday ends
  • Really make sure it is right for you and that you will be able to afford to pay the new amount once the payment break ends.
  • You will then have to contact your lender to find out how to apply for a mortgage holiday. They will let you know if you meet their conditions and send you any application forms you need.
  • Alternatively reach out to us and we can take care of all of this for you

If you STOP paying without agreement from your lender, you will be in arrears and put your home at risk. So, if in doubt, just reach out.

So, what is a mortgage holiday?

  • It’s an agreement you can make with your lender, which allows you to temporarily stop or reduce your monthly mortgage payments.
  • Typically, they are agreed for a few months.
  • After the payment break ends you pay back with an increase in interest payment to make up for the months missed

What would be an alternative option?

Switching to a cheaper mortgage deal may be a better option if you are considering a mortgage holiday in the future and it is not required now.

Getting a cheaper mortgage deal, to allow your monthly payments to go down could avoid you the additional interest costs you could incur from taking a mortgage holiday.

If you need help finding a better deal, or perhaps have bad credit, just reach out

Leave a Comment