17. Do you offer payment holidays? |
Yes, for an offset or a tracker rate mortgage, you can take two payment holidays each year provided these are not taken:
- in the first six months
- in the last three years of your mortgage term.
Payment holidays are not available for fixed rate mortgages.
|
|
There are some other situations in which you may not be able to take a payment holiday. These are listed in the Payment Holidays section of the conditions which apply to your mortgage.
|
|
Please note that if you take a payment holiday, the missed payments will be added to your outstanding mortgage debt. You will have to repay the increased mortgage debt and any extra interest due on it over the remaining mortgage repayment period. This means you will see your monthly payments rise to take account of this.
|