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Superted187

Taking A Mortgage Holiday To Start A Family

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A good friend of mine is about to go on maternity leave. I was speaking to her earlier about the whole thing and she explained that she's having to take a mortgage holiday for a year in order to get her through the reduced maternity leave income.

She moved about a year ago from what one might call a starter home to a much larger place, and borrowed some money from her parents to finance the move, as well as getting a mortgage.

Is this the norm? It just seems crazy that you might need to re-organize your finances so drastically.

Any thoughts on how much in extra interest the year off might cost her?

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A good friend of mine is about to go on maternity leave. I was speaking to her earlier about the whole thing and she explained that she's having to take a mortgage holiday for a year in order to get her through the reduced maternity leave income.

She moved about a year ago from what one might call a starter home to a much larger place, and borrowed some money from her parents to finance the move, as well as getting a mortgage.

Is this the norm? It just seems crazy that you might need to re-organize your finances so drastically.

Any thoughts on how much in extra interest the year off might cost her?

Don't think it really matters TBH. When the biological clock is ticking nothing matters and I commend her. Miles better than MEWing for a new car etc. and the end product (hopefully) of a new healthy addition to the family can't be measured in words (or figures). Good on her (and him).

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Sorry I don't know how much extra it will cost them.

Sounds like she wanted somewhere that would be comfortable for them with their breeding plans and thought ahead and found a mortgage that did this part. They may even have more family money behind them.

So many couples I know find that they can't have children when they try so I'm impressed that it all worked out for her.

Edited by Flopsy

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U could get a rough idea, basically on a mortgage holiday the payments ur due to pay are added to the mortgage, and continues to accrue interest on the ever increasing balance.

If the mortgage is for 100,000 at 6% monthly payments would be approx 800 there for at the end of the period she would owe at least an extra 10,000. This would need to be paid over the remainder if the mortgage. You could quite easily end up paying 20 to 25k for a one yr payment holiday.

But it is better than defaulting, and probably slightly cheaper than borrowing the whole amount up front.

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Good on her. Bringing up children is expensive, this is just another part of the cost. Not having children on account of financial pressures is tragic.

Tragic but a fact of life for many educated people (as many polls have indicated both here in the UK and in the Eurozone). Certainly I am having no kids due to financial pressures.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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