Is it Sensible to take a Break from Repaying your Mortgage?

A mortgage is a really big responsibility and it can often feel like a big chore to find the repayments each month. This means that it can be tempting to miss a repayment so that you can have some money available for other things. There are ways of doing this but there are advantages and disadvantages to doing it.

Ways to miss a Repayment

You may think that it is a bit strange to suggest that there are different ways to miss a repayment, but there are. You might just think that you will just not pay for one month and leave it at that, but this is not a sensible idea. You need to keep your lender on board with your idea.

Some people have a flexible mortgage where they are allowed to take payment holidays. These can be really useful if you think that you are likely to need a break, but they will be more expensive as a result. If you have one of these then you will need to notify your lender when you wish to take a break and they will organise it for you.

It is also wise to notify your lender about problems with repayment even if you do not have a flexible mortgage. If you tell them that you are having trouble then they may be able to help you. They might be able to reduce your payments or give you a small payment holiday with a smaller fee compared with you not paying without warning them.


The advantages of not paying mean that you will have money available to spend on other things. If you have something that you desperately need, then this can be really handy. If it saves you borrowing money from elsewhere it could also be a useful thing to do if it costs you less than other loans. Obviously you will need to be careful though as you want to make sure that you are using that money wisely.

Not making one or more repayments might enable you to have a significant amount of money available. This could be really useful and help you to feel easier about paying other bills or buying things that you need or want. Not having that huge payment to find for a month or more could give you a great sense of relief.


The main reason that you need to think hard about doing this is the cost. There will be a cost associated with missing a repayment and this might even apply if you have a flexible mortgage. It is therefore wise to find out how much this will cost you, if you can, before you do it. This will allow you to calculate whether you think that it is worth it.

Missing a repayment will also have an effect on your credit report. It may not show up if you have a flexible mortgage and have arranged a payment holiday but otherwise it will show up. This gives a sign out to other potential lenders that there is a risk that you may not cover the repayments if they loan you money and it could mean that you will end up without being able to get any other loans. You may feel that this will not matter as you do not plan on borrowing any more money. However, not only can we not be completely sure of whether this will be true or not, other people look at credit records too. If you rent a property, for example, the letting agent will check your credit record to decide whether they will be happy to have you as a renter.


As well as considering the advantages and disadvantages, it is worth thinking about your alternative options. It might be that you could get a loan in order to help you to cover the cost of the repayment. This will be expensive though and not something that you will be able to do very often. Therefore it could be much more worthwhile to find an alternative way to get extra money instead. If you have any savings, then you could use those, but you may prefer to see if you can save money by spending less or earn more money. There are lots of ways that you can do both of these. You could compare prices and switch some contracts so that you are paying out less for things you buy regularly. You could also cut down on buying things that you do not need so that you save money as well. You could get a better paid job or work more hours to earn extra. You may even want to sell some things that you have and no longer need so that you can get an extra lump sum of money to help you out. There are many options that you can pick from and you should be able to find some that will suit you.