Pregnancy & Birth Clubs <
11/09/2013 at 17:52
Did anyone take a mortgage break when their little one came along? Or are you planning to?
11/09/2013 at 21:26
I wish we could have but we'd only had the mortgage for 5 months by the time he was born haha. It'd be really good to take a break (i.e. go to interest-only) when we have number 2 and have both in nursery assuming all goes to plan, but we need to check if we'd be allowed to. We're on a fixed-rate until August 2014 when A will be 18 months (the very minimum gap we'd want).
edit I can't count, he'd be 20 months, but you see what I mean!
11/09/2013 at 21:58
It's something I would like to do when the time comes but often they will only grant it if you have previously made overpayments.
Worth a try though, the worst they can do is say no!
11/09/2013 at 22:42
Our company (Halifax) say you have to owe less than 70% of the value of your house to take a break.
I think each lender has different rules so worth a call.
We decided not to do it in the end as it just seemed to be too much hassle!
11/09/2013 at 22:49
No we didn't. To be honest we didn't even look in to it as SMP is the same as my salary part time so we knew we had to live to that level.
We have a couple of times. The last time we did it was a big help did it towards the end of mat leave and just before Christmas.
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