A lot of banks/building societies will only allow a moritorium on the mortgage if the loan has gone into arrears and seperate tthat they will only allow it in certain circu,stances. If you have a fixed rate mortgage you probably wont get it.
Or they may allow for a 1 month payment break but not a moritorium. Also by taking a moritorium we will actually owe about an extra month in interest.
I just wouldnt do it if your looking to raise an extra three grand why not switch to interest only for 3 months and nuckle down on the saveings.
Re Insurance very few people have mortgage protection expecially those who baught houses in the last four years as they would have been on a higher mortgage and probably couldnt afford to pay the additional 150-250 on repayment insurance
[quote="Mrs dafbird":2322yy3s]You've the facts Frillynickers for what I was trying to say.[/quote:2322yy3s]
Yep I work in a bank and have also worked for the big 2 (AIB & BOI) and this would be the case for most. You also have to take into consideration how long you have the mortgage as some banks who do allow a moritorium on your mortgage insist that at least 10% of the mortgage should be paid of i.e the Loan should be at the very least 10% lower than the value of your home.
They also may insist on your home being revalued, if you are in negative equity on your home (most of us are) they will most likley not give you the moritorium as I said earlier unless you are in arrears, and the moritorium period is purley to give you the chance to catch up on your repayments rather than the bank having to take legal proceedings to repose the home.
We took a 3 month "holiday" it has been great we weren't going to get a loan but H2b works for himself and things have gone a bit slow so my budget hasn't been adhered to, we have 25 years left on our mort we have always intended to pay it off in 20 or less if poss. so if we end up paying a bit more in years to come I can handle it. In the future we will have less outgoings and we have good insurance policies to cover us so imo look into it and go for it if it suits you I'm glad we did.
personally it wouldn't be the choice for me, but i wouldn't think any less of anyone else doing it.
i'm sure alot of people here are in different situations then they anticipated when they first got engaged, and i'm sure it isn't the ideal route for them but its your own business if you decide to make things easier on yourself for a few months around your wedding.
i suppose i feel like everything else can fall down around me (finance-wise) as long as we have our little hamlet (well ok a 3 bed semi!!)
i personally wouldnt be against taking out a loan if i have to, hopefully we won't but life has a funny way of dealing you the unexpected card!
i would like to say that there should be no stigma against having to re work your finances, i sometimes feel from some's comments that this is frowned upon, and i just feel its a little unfair esp in the current climate where alot of people's security blankets have been left in a heap around them.
we have ours with first active and where basically told we only get one if one of us lost our job or something like that.
kinda glad now though cause it just means we need to save!!
won't be going out for the next year!!!
Know this is a really old thread that I'm reviving here, but am just curious as to whether or not people have been able to get repayment breaks from personal loans/mortgages for their weddings? Was looking over paperwork last night and noticed two blank boxes for repayment holidays at the end of an old unsecured loan repayment schedule. Are these repayment holidays for major life events a thing of the past?
I would be really against messing around with existing loans from the bank. I think people should live within their means and have weddings within their means.
We took a repayment holiday because i was sick and unable to work for 7 months but i definitely wouldn't do it for something like a wedding that your can plan and save for.
We did it some time ago.They seem far more strict now! Also remember if you do take one, they will generally only give 1 on any loan so it may pose a problem in the future if something was to happen where you really needed a break from repayments. See what you think yourself and what the bank say