Some homeowners 'could take payment holidays'

29-Apr-2008

Homeowners struggling with rising living costs may be eligible for a mortgage payment holiday, according to MoneyExpert.com.

Payment holidays allow homeowners to halt their mortgage repayments on a property for an agreed period of time, although they will continue to accumulate interest, which may be of note to first-time buyers feeling cautious about a purchase.

According to research by the group, 58 per cent of the 2,058 fixed, discounted and variable mortgage products on the market include some form of payment holiday facility, a 13.5 per cent increase 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 ease the burden of the credit crunch.

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