break from mortgage and loans during maternity leave?

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Hellothere2010 Posts: 2358
Im trying to think of a way to be able to take the 16 weeks unpaid leave at the end of the paid leave. Do you know if you can get a break from the banks on loans and mortgage? How long would you have to have the loan/mortgage open for??
mrswed Posts: 141
I spoke to my bank yesterday about this. I am with Ulster Bank and they offer a 6 month break in total over the lifetime of the mortgage. In order to do this I would have to send a written request to them and they would approve it. This should normally only take a few days to get approval or not. What I didn't know with UB was that you have to be on a variable rate, they don't offer the break on a fixed rate and your life cover has to remain level through the lifetime of the mortgage, not a decreasing one. I am interested to find out if you can take a break on a car loan. I'm in the process of checking this out. Hope this is of some help. :thnk
mrssunflower Posts: 3651
I hoping to do the same and mine is with TSB I've read on their site they do 3 month breaks even that would be good. I'll give them a ring tomorrow to see what they say.
chicam Posts: 1169
It would seem most banks will do this if you've had your mortgage with them a while, why not ring and find out you've nothing to lose!!
Jeidi Posts: 3128
[quote="mrs sunflower":jz0kxrmr]I hoping to do the same and mine is with TSB I've read on their site they do 3 month breaks even that would be good. I'll give them a ring tomorrow to see what they say.[/quote:jz0kxrmr] They deffo do 6 month breaks aswell, I took one when we were saving for trhe wedding.
porshe Posts: 1359
When you take a break from a mortgage I read that you would still have to pay the interest, which is nearly as much as the mortgage, is this true?
mrssunflower Posts: 3651
[quote:1ipjtevm]They deffo do 6 month breaks aswell, I took one when we were saving for trhe wedding.[/quote:1ipjtevm] Thanks Jeidi I'll give them a ring this evening and see. Did you pay the interest? Its still a lot cheaper than the mortgage so we'll be saving a bit
Hellothere2010 Posts: 2358
thanks girls - I will ring and find out x
Jeidi Posts: 3128
[quote="mrs sunflower":2z1n8auy][quote:2z1n8auy]They deffo do 6 month breaks aswell, I took one when we were saving for trhe wedding.[/quote:2z1n8auy] Thanks Jeidi I'll give them a ring this evening and see. Did you pay the interest? Its still a lot cheaper than the mortgage so we'll be saving a bit[/quote:2z1n8auy] Nope we didnt pay a thing :)
mrswed Posts: 141
For those of you who did take the payment break, what kind of wording did you put in your letter to request same.