Year break from mortgage

[spaced]

A friend of mine has taken a year break from her mortage so that her and her other half have that extra amount of money to get his business up and running.

I was thinking of doing the same but for different reasons (wife and I are having a baby). Do all mortgage companies offere this and if so, is for certain circumstances only?

We are with Intelligent Finance

TIA

[Ethel]

IF do a range of mortgages so it is impossible to determine if you are eligible for a mortgage payment break.

However - it should always be a last resort. It is ideal if you cannot otherwise manage for the short term, but :

"interest will still accrue and any missed interest payments will be added to your overall mortgage, resulting in increased contractual monthly payments."

So you end up paying 'interest on the interest'.

You can be very sure that one year mortgage free will extend your mortgage by at least two years, or increase your monthly payments considerably. Interest rates are set to increase in any case.

Best thing is to phone them up and discuss your options.