Payment holidays

A payment holiday is an agreement to reduce or pause your mortgage payments for a set period of time.

Payment holidays are only available on certain mortgage products, so in the first instance you will need to check the terms of your latest mortgage offer to see if your mortgage product allows payment holidays.

Before we can approve a payment holiday, we will need to consider your circumstances and the reason for the request. The Society will not permit any payment holiday periods which would result in the loan outstanding exceeding your original mortgage advance.

If your payment holiday is approved, interest will continue to be charged to the account during the payment holiday period, which means your outstanding balance will increase, and the overall amount of interest payable will be higher.

The Society will recalculate your contractual monthly payments over the remaining term of your mortgage once the payment holiday has finished.

To discuss payment holidays with a member of our team, please contact us using the details below.