Mortgage repayment holiday
A repayment holiday can ease your finances temporarily, for example during family leave, unemployment or a renovation. It is not free, however, as the loan period gets longer and more interest builds up. In this guide you weigh the benefits and costs before you decide.
You will need
- Your mortgage details from your online bank
- A monthly budget
- Information on the change in your income
- The bank's price list
Steps
Work out your need
Think about whether your financial difficulty is temporary or permanent. A repayment holiday suits a temporary situation, whereas a permanent drop in income usually calls for broader changes to your budget or loan.
Check the terms of the loan agreement
Calculate the total cost
Ask about the bank's fees
Compare the alternatives
Apply for a repayment holiday
Use the holiday wisely
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