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Mortgage holidays are a good option for some
04 July 2008
Mortgage holidays are a sensible option for a certain number of homeowners, claims an independent mortgage adviser.
According to Alexander Hall, mortgage holidays are ideal for self-employed people who can use the option during slow periods of trade or during summer holidays when they have to spend more time looking after children.
Andy Pratt, a spokesperson for Alexander Hall, said: "Usually you see this in cases when people are self-employed. These people are usually given a mortgage that is flexible for a particular reason."
Mortgage holidays should not be used by homeowners struggling with mortgage payments as they should be speaking to their lender if they are in a bad situation.
"They're not intended to allow people to allow people to get through bad times, because you should be having a conversation with your lender then anyway if you're worried," said Mr Pratt.
According to the Times, mortgage lenders reported that there was an increase in people taking mortgage holidays.
