guys has anyone looked into getting a moratorium (sp!) or whatever its called from mortgage to help with wedding payments rather than
get a loan?
just wondering how easy they are to get esp in the 'currebt economic
i second this question, would be really interested?
[quote="Mrs dafbird":15xqyt19]I know ye probably don't want to hear this but if you need to take a break from your mortgage to pay for your wedding then you can't really afford your wedding & need to cut back.
Taking a break from your mortgage has a lot of financial consequences. It could cost you a couple of thousand to do.[/quote:15xqyt19]
I think thats a slightly dramatic reponse dafbird. Taking a 3 month break on mortage payments to avoid getting a loan is not that big of a deal! Unless of course you don't agree with getting a loan either...
We were going to and then we found out babs is coming so we will need the break more for 2 months then as im due juist before Santa!!! My friends are taking a 3 month break next year for their wedding from a month before
A couple of grand from the credit union never hurt anyone imo, and there is always income continuance for anyone with unstable job so I think we'll have to agree to disagree on this one!
Neither of us have a loan of any description (apart from mortgage!)
and not a penny owed on credit cards etc. we are very careful with our money but to havea nice homeymoon etc i thought it would be nice to just take a 3 month break - in the grand scheme of the mortgage
i wouldnt see it making much of a difference! are they difficult to get does any one know? we will be 2 years into a 3 year fixed rate at time of wedding.
I'm thinking of doing this too but haven't looked into it yet. If it'll cost a lot to do it I probably wont bother but a few friends of mine have done it over the last few years for weddings and maternity leave.
Ive set up an interest only option on mine, started this month, for a year. Its taken my repayments from 1,300 a month to 500!
[quote="mrsandmr":2j2q6ehk]A couple of grand from the credit union never hurt anyone imo, and there is always income continuance for anyone with unstable job so I think we'll have to agree to disagree on this one![/quote:2j2q6ehk]
Some people only have the basic life cover on their mortgage which covers them only upon death and even at that, there have been people here who have tried to claim when they have been made redudant and the insurance has not paid out as they try to get you to prove you didn't know your job was unstable. So I am not sure you would want to be relying on this.
I would say it doesn't cost anything to find out about these things and see exactly what is involved (it seems a bit too good to be true IMO). For me I would be the same as Dafbird and prefer to cut back as you never know when you will need that mortgage break for something more important in the future, than one day out.
I asked my bank about this, KBC, but they were going to put me on the list of defaulters and it takes 6 years to come off it, so just be careful about the terms and conditions