Mortgage payment holidays 'could benefit homeowners'
www.moneynews.co.uk > Mortgages > Mortgage payment holidays 'could benefit homeowners'
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Mortgage payment holidays 'could benefit homeowners'
Mon 28th Apr 2008
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Payments holidays give homeowners the chance to halt their mortgage repayments for an agreed period of time, although they will continue to accumulate interest.
According to its research, 58 per cent of the 2,058 fixed, discounted and variable mortgage products on the market include some form of payment holiday facility, which is an increase of 13.5 per cent from 2006.
Sean Gardner, chief executive of the website, commented: "Homeowners looking for competitive mortgage deals in the new tougher mortgage marketplace might be attracted by the prospect of taking a payment holiday to ease the financial burden if things get tough."
He noted that lenders are aware of the need to offer their customers more flexibility to help them deal with the fall-out from the credit crunch.
Chancellor Alistair Darling recently called on mortgage providers to do just that at a recent summit with housing minister Caroline Flint and the Council of Mortgage Lenders.
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