uSwitch.com: Many Brits consider mortgage payments holiday

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uSwitch.com: Many Brits consider mortgage payments holiday

Research released today by uSwitch.com has shown that many people in the UK are considering taking a break from their mortgage payments, as the credit crunch means they can no longer afford them.

The price comparison site conducted a survey which suggested that as many as two million Brits may be considering a mortgage payments holiday.

However according to uSwitch.com, these 'holidays' are not the relaxing breaks they might sound and the website calculates that the two million people could see their payments increase by up to £54 million after the break, pushing them closer to negative equity.

Louise Bond, personal finance manager, uSwitch.com said: "A holiday will not make the underlying financial issues disappear.

"In fact, both the repayments and the debt will actually go up after the holiday and, if anything, it could actually make the problem worse."

Recently the government announced plans to allow mortgage holders to defer their interest payments for two years if they needed, with the government guaranteeing any payments which couldn't be met to banks.

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