marvinc

Have been reading on BE recently about people taking mortgage holidays for about 6 months mainly those that want to go to Oz before they sell.

I don't think I'd be so brave but wondered what mortgage holidays are exactly and how they work, do you pay the missed payments back when you pay the mortgage back? or does it go on your payments inceasing them when you do start paying them again?

Thanks

wmoore

It depends on your mortgage. Of course the payments you 'miss' will be repaid in the long run anyway - tacked on to the end so instead of 25 years, you get 25 years plus X months. We used to have a loan where we could miss up to 3 months per year.