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Home owners urged to check small print
28 April 2008
Homeowners feeling the effects of the credit crunch could take advantage of mortgage repayment holidays offered in the small print of many deals.
Although interest will continue to collect, borrowers could have the opportunity to arrest their mortgage repayments for an agreed period of time.
Research by finance website Moneyexpert.com revealed that 58 per cent of people could be entitled to take a break from their mortgage payments.
Sean Gardner, spokesman for the website, said: "With around six in ten mortgage products coming with a potential payment holiday written into the terms and conditions, cash-strapped homeowners can at least enquire about taking a break."
Homeowners are warned that while these deals may offer the deal, taking a payment holiday from your mortgage would need to be approved by the lender.
The availability of mortgage repayment holidays is an indicator that lenders are heeding the chancellor's request that homeowners should be afforded flexibility to help them deal with the credit crunch.
