Mortgage holidays 'could be constructive'

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Mortgage holidays 'could be constructive'

Mortgage holidays, where people take a break from repayments and resume again later, could be an attractive option for people in certain situations, one industry expert has said.

Andy Pratt, a spokesperson for independent mortgage adviser Alexander Hall, warned, however, that they should not be used to rectify situations such as those in which people cannot afford their repayments.

"Usually you see this in cases when people are self-employed. They're not intended to allow people to get through bad times, because you should be having a conversation with your lender then anyway if you're worried," he said.

Mr Pratt said mortgage holidays may be particularly appropriate for people whose work is affected by the seasons, or for parents who struggle to work as well as look after children during the school holidays.

Figures released on July 1st by the Bank of England showed that mortgages approved for house purchases fell 28 per cent in May to their lowest level since records were first kept in 1993.

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