a break from paying your mortgage altogether for an agreed period
a period in which the borrower does not make the usual mortgage payments
A short break from regular loan repayments which is sometimes offered with flexible loans.
This is a period of time where borrowers can opt not to make any payments against their mortgage. This would normally only be allowed if they had overpaid previously.
A feature of some mortgages or other types of loan that allows you to defer interest payments without incurring fines or penalties.
This is where you get time off from paying the mortgage. It's only really available to those who've got flexible mortgages and who have been making overpayments for a while.
A period during which the you make no payments on borrowings. This is usually only available on a flexible lending.
A period during which the borrower makes no mortgage payments. Normally only available to borrowers with a flexible mortgage who have previously overpaid their monthly repayments.
Flexible mortgages often allow the borrower to take a break from their mortgage payments for a specified period of time to allow for a change in personal circumstances (eg: career break, maternity leave, time for travelling, etc.)
A feature offered by some mortgages that allow you to miss monthly payments on your mortgage. Payment holidays are particularly useful if you have some other major expense - like a new baby or a wedding - to cater for
A feature of some mortgages that allows the borrower to defer interest payments without incurring fines or penalties.
A short break from regular mortgage repayments, sometimes offered with flexible mortgages. This can sometimes be a useful feature for self-employed people or others with irregular income
With a Cambridge Flexible Mortgage you can let your overpayments build up and use them at a later date to fund a ‘payment holiday' for up to 12 months. During the payment holiday we use your overpayments to fund the capital payments you would normally make and to cover the interest charged during the payment holiday.
is a period of time in which you do not need to make any repayments on your mortgage. Usually works with a flexible mortgage where you have over-paid for a time and now have enough credit to take a holiday. However, sometimes you can get a payment holiday at the start of your mortgage in which to use money you would be paying towards repaying the mortgage to decorate the house – say, the first 6 months.