Halifax mortgage holiday (A guide)

In this brief guide, we are going to discuss the Halifax mortgage holiday. You can take a Halifax mortgage holiday upon getting approved by Halifax.

What is a mortgage payment holiday?

 A mortgage payment holiday is when you and your mortgage lender agree to stop making your monthly mortgage repayments or to make a reduced monthly mortgage repayment for a fixed term. Once the mortgage payment holiday term is over you will have to continue making your monthly mortgage repayments as usual.  

Some mortgage lenders will only allow you to take a mortgage payment holiday if you have previously overpaid on your mortgage but if you are struggling to make your monthly mortgage repayments then most mortgage lenders may be willing to offer you a mortgage payment holiday so you can get your finances back in order.

Can you take a mortgage payment holiday?

Yes, with most mortgage lenders you can take a mortgage payment holiday. This means you will stop making your monthly mortgage repayments for a given time or in some cases you will make a reduced monthly mortgage repayment before resuming your full mortgage repayment after the mortgage payment holiday is over. Some mortgage lenders may require that you have previously overpaid your mortgage before they will allow you to take a mortgage payment holiday but if you are struggling to keep up your monthly mortgage repayments then you will find that a lot of mortgage lenders will be willing to offer you a mortgage payment holiday.

What is a Halifax mortgage holiday?

A Halifax mortgage holiday is when you take a break from making your usual monthly Halifax mortgage repayments.  You may want to take a Halifax mortgage holiday if you have just lost your job or gone into financial difficulty which makes it very likely you may miss some of your upcoming Halifax monthly mortgage repayments. If this is the case then you may want to consider asking Halifax for a mortgage holiday.

Does Halifax do mortgage holidays?

Yes, Halifax does offer the Halifax mortgage holiday which can last up to 6 months in total over the term of the mortgage.

Can you take a Halifax mortgage holiday?

Yes you can take a Halifax mortgage holiday but there is no guarantee that Halifax will approve your application for a Halifax mortgage holiday. To start the process you should call Halifax on 0345 850 3705 and apply for a Halifax mortgage holiday.

Mortgage payment holidays effectively increase the amount you owe on your mortgage and hence Halifax will scrutinize every mortgage holiday application with its current mortgage holiday policy to ensure they can offer you a payment holiday.

To be eligible for a Halifax mortgage holiday you will need to meet the below requirements at least but they do not guarantee you will be offered a Halifax mortgage holiday:

“  It’s been at least 12 months since you took out your mortgage with us

You’ve not taken any additional borrowing in the last six months

The amount you owe does not exceed 75% of our latest valuation of your property

You’ve not had previous payment holidays totalling six months or taken one in the last three years

You live in the property and it’s your main residence

Your property isn’t owned jointly under a shared ownership scheme, for example with a local authority

You don’t receive support from the Department of Work and Pensions towards your mortgage payments

On a joint mortgage, all parties are in agreement to the payment holiday

Your mortgage payments are up to date and have been for at least 12 months “

Does Mortgage Holiday affect credit rating?

A mortgage holiday will affect your credit file as it will be noted that you didn’t make those monthly mortgage payments although they won’t be marked as missed mortgage repayments.

This may affect your ability to get credit in the future.

Can I view my Halifax mortgage online?

Yes, you can view your Halifax mortgage online if you are registered for online banking. Once you sign in you should be able to see information about your mortgage sich as your outstanding balance, your monthly payment history, your interest term and the remaining term on your mortgage.

Online Banking is available 24 hours a day, 7 days a week, 365 days a year.

Can I pay off my Halifax mortgage early?

Yes, you can pay off your Halifax mortgage early and you can also make a mortgage overpayment of p to 10% of your outstanding mortgage balance each year without incurring any early repayment charge.

Can you port Halifax mortgage?

You may be able to port your Halifax mortgage if you want to move homes. To see if you are eligible you should contact Halifax mortgages. Halifax may take you through their mortgage affordability checks to see if you are eligible.

Managing your Halifax mortgage

Managing your mortgage

As a mortgage holder managing your mortgage is one of the key things you will need to do to ensure you have a balanced financial wellbeing. Managing Your Mortgage doesn’t mean getting an excel sheet and trying to work out how much you owe your mortgage lender, what the mortgage balance is and how long it will take for you to repay the mortgage and be mortgage free.

Looking for the Halifax mortgages login page and having a look around isn’t the best way to manage your mortgage.

Managing your mortgage should be a passive thing. There is so much technology available now that you should be able to easily manage your mortgage with very little work and without having to search for the Halifax mortgages login page.

What does managing your mortgage mean?

Managing your mortgage means knowing all the key facts about your mortgage in an easy to view straightforward medium. 

This means knowing when your next monthly mortgage repayment comes out, how much you pay each month, what your Halifax mortgage balance is, when your Halifax mortgage is due to be paid off, how much you can save by overpaying your mortgage and how much you will need to overpay your Halifax mortgage by, how much interest your Halifax mortgage costs you each month and each year, how much equity you have in your property, if you are eligible for a remortgage, what mortgage lenders may be willing to lend to you and how much you could save by remortgaging.

This is what mortgage management means and searching for the Halifax mortgages login page and the contents within the Halifax mortgage dashboard will not give you access to this information.

Alternatives to a Halifax mortgage holiday

If you are struggling to make your monthly mortgage repayments then there are few alternatives than seeking a Halifax mortgage holiday.

Support for mortgage interest

With support for mortgage interest the government will pay the interest portion of your mortgage for a fixed amount of time. This is a loan which you must pay back when you sell the home. To get support for mortgage interest you will need to be eligible for other benefits.

The other alternatives are solutions which you may have taken out in the past but unfortunately may not be able to access if you are already in financial hardship and unable to make your monthly mortgage repayments.

Mortgage insurance

Mortgage insurance can help you cover the costs of your monthly mortgage repayments if you lose your job, become ill or injure yourself. There are two main types:

Income protection insurance usually pays a percentage of your monthly salary (e.g. 65%)

Mortgage protection insurance usually pays an agreed amount per month (e.g. £2,000)

In this brief guide, we discussed the Halifax mortgage holiday. If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.