Mortgage holidays an option in 'over half of policies'
Teaching professions could be among those who, it is has been claimed, are unknowingly entitled to a break in their mortgage repayments.
MoneyExpert.com is advising homeowners to check the terms of their mortgage policies to see if they are entitled to what is known as a mortgage holiday.
Sean Gardner of the independent financial comparison site said that lenders were aware they had to offer flexible options to customers.
He commented: "With around six in ten mortgage products coming with a potential payment holiday written into the terms and conditions, cash-strapped homeowners can at least enquire about taking a break."
Figures show that around just over half (53 per cent) of fixed and discounted mortgage policies include some form of mortgage holiday facility, up from 44.5 per cent in 2006.
Intelligent Finance recently told the Independent that the number of its customers applying for a break in their mortgage repayments had more than doubled in the previous six months.
Wesleyan Medical Sickness provides specialist financial advice for teaching professionals.
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07 February 2008
Wesleyan Assurance Society is authorised and regulated by the Financial Services Authority. Incorporated by Private Act of Parliament (No.ZC145). Advice is provided through Wesleyan Medical Sickness, Wesleyan for Teachers, Wesleyan for Lawyers and Wesleyan for Professionals which are divisions of Wesleyan Financial Services Ltd. ("WFS Ltd.") WFS Ltd. is a wholly owned subsidiary company of Wesleyan Assurance Society. Registered No. 1651212. WFS Ltd Head Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0845 351 2352 Fax: 0121 200 2971. Telephone calls may be recorded for monitoring and training purposes.