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More mortgage lenders offer payment holidays

Homeowners struggling to repay their mortgages are now being given greater opportunities to take breaks from payments, new research suggests.According to analysis by MoneyExpert, the number of mortgage deals offering a payment holiday facility has increased from 50.8 to 56.3 per cent in the last six months. Experts believe this demonstrates mortgage lenders' increased commitment to offer greater flexibility to customers as they adapt to the changing mortgage market. Many customers look for a payment holiday if they become unemployed or switch jobs, take a career break, decide to start a family or lose another regular stream of income altogether."Homeowners have been desperate to fix their mortgage rates in the wake of three interest rate rises in six months. Things are tighter than they used to be," Sean Gardner, chief executive of MoneyExpert, explained."But homeowners who are still looking for good deals may be attracted by the prospect of taking a payment holiday to ease the financial burden if things get tough or if their circumstances change," he added. He continued: "You'd think that the mortgage is the last thing you'd be allowed to let slip, but lenders want you to stay on the straight and narrow and would rather help than hinder."Of course, a holiday from paying monthly doesn't mean a holiday from paying interest â€" that'll still roll up on your mortgage until it's paid off."

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