Advice about mortgage payment holidays

Uckfield couple Katherine Gibbs and Grant Wagner, who launched their Mortgage Advice Bureau business more than two years ago, share advice here about mortgage payment holidays.

They give an example, below, showing how taking a three-month payment holiday can affect future mortgage payments.

Key points:

How a mortgage payment holiday can work

A mortgage payment holiday gives you some flexibility in repaying your mortgage by allowing you to stop or reduce your monthly payments.  This is subject to approval and eligibility with each lender.  Do not change your mortgage direct debit.


If you have the payment holiday feature and meet the criteria with your lender, the monthly repayments will be recalculated at the end of the payment holiday and may increase.  It is really important to know that although you may miss payments due to the payment holiday, you will still have interest added to your mortgage.

Credit file

This wont affect your credit file, if applied in the correct way with the lender, and they confirm you are eligible.


Contact Wagner & Gibbs, Mortgage Advice Bureau, if you want any help or advice. Speak to an adviser by calling 0330 1355 325.

An example showing the effects of taking a three-month mortgage holiday.

See also:

Cranwell founder reviews financial markets

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