Mortgage holiday - Halifax

8
Posted 6th Apr
Hi after some advice - can you still make payments towards your mortgage (Halifax) during a mortgage holiday.

Say for instance on a three month mortgage holiday making lower payments through this period.

Thanks
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Contact the bank. Each bank will have their own terms
I assume you applied for the mortgage holiday was because you needed it, so why pay a lower amount, could you not save it after the 3 months and if possible, make an overpayment if you can still afford it then. I assume you're trying to save some interest on the mortgage but you'll need the money anyway after the holiday when they recalculate your monthly payments.
madoka_ayukawa07/04/2020 02:40

I assume you applied for the mortgage holiday was because you needed it, …I assume you applied for the mortgage holiday was because you needed it, so why pay a lower amount, could you not save it after the 3 months and if possible, make an overpayment if you can still afford it then. I assume you're trying to save some interest on the mortgage but you'll need the money anyway after the holiday when they recalculate your monthly payments.


A lot of people dived in and took the holiday, even tho they didn’t need it as they thought it was som extra spending money. Not realising the interest is still charged, not that old bother them. But being isolated they have no where to go and spend it so may as well pay it off..

im not saying this is what happened with op, but I personally know quite a few at work what did this. For this reason, not the paying back bit but..
You could speak with your bank and ask about paying a lower amount. I’d imagine as long as it’s getting paid they’d be happy
Can u not just pay the interest then at least u are saving something
I’m no expert, but have a look at your original mortgage documentation...pretty sure you’ll be able to overpay. If you can trust yourself, maybe you should keep the extra that you could pay to one side and then pay this off once you are happy you are in a good place to do so...just don’t be tempted to blow it.
Thanks for all responses - I took the mortgage holiday after being laid off, I now have a new job albeit now lower paid and will not start until May.

I will speak to the bank after taking the payment holiday I now realise I will be able to pay a bit towards the mortgage instead of nothing at all. If possible the interest.
Great idea!
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