Mortgage Payment Holidays

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Most people make overpayments in order to pay off their mortgage early – but there is another possible reason.

Many modern mortgages allow you to take "payment holidays" – periods when you can temporarily stop making your normal monthly payments – perhaps if you are taking a period of unpaid leave from your job, for example.

Overpaying before taking a payment holiday can enable you to stop your payments for a while without falling behind on your mortgage's repayment schedule at all – for example:

Overpay three months' payments
Take a three month payment holiday
Result – your overall payments remain on schedule

Obviously the details of such an arrangement vary from mortgage to mortgage, but it is useful to remember the possibility and ask your broker or lender about it when choosing a new mortgage.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Read On

Overpaying a Mortgage – What Is It?

Why Overpay?

How To Overpay on Your Mortgage

Getting Started with Your Mortgage Overpayments

Overpayments: Other Things To Consider

Suggestions to get you started

Full Mortgage Early Repayment Guide

See contents of Full Mortgages Guide

See contents of Home Buyers Guide

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Mortgage Sorter is part of The Money Sorter group, which specialises in giving independent, consumer-friendly, information on UK personal finance. Mortgage Sorter gives impartial information, not advice, on all aspects of UK mortgages, helping normal people who are trying to make sense of all the jargon you tend to come across when buying any personal finance product. Online since 1999.

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Mortgage Guide
Click for Full Contents