A mortgage payment holiday is when you temporarily stop or reduce your monthly mortgage repayments in order to obtain some short-term financial relief. Not all mortgages offer the option of a mortgage payment holiday. It generally depends on your mortgage product’s terms and conditions as to whether they will be available to you.
You may request a mortgage payment holiday from your mortgage lender to help you with short-term or unexpected changes to your financial situation. This could be due to changes to your employment such as redundancy, maternity or paternity leave. Perhaps your finances are stretched due to large unexpected costs such as major house repairs.