Pausing your mortgage, also known as a home loan deferral or a mortgage holiday, is a way a lender can suspend the borrower’s mortgage payments for a set period of time.
However, is that something you should really be considering?
During COVID, the number of borrowers requesting mortgage holidays from their lenders surged. Now with rapidly rising interest rates and the escalating cost of living, borrowers are once again looking at a loan deferral as a way to get back on track.
While pausing your mortgage can provide temporary relief for struggling borrowers, it is important to consider the advantages and disadvantages before deciding if it is the right choice for you.
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