Is it true that homeowners will not pay their mortgage for a year starting in jan.2009?

Question

Is it true that homeowners will not pay their mortgage for a year starting in jan.2009?

Answer 1

Never heard of that and I can confidently say there is no way it is true. Aside from anything else, think about it commerically - how would the banks etc cope? I'm not sure the government could afford another Northern Rock!

Remember though with most mortgages if you have a significant life change (ie: new baby) you can get a 6 month repayment holiday so if you are struggling you could look into that.

Although even approved mortgage repayment holidays can still be expensive. The interest accrues thoughout the period and your repayments will then increase at the end of the repayment holiday.

Answer 2

No this is not true and I have no idead where you heared this. Banks wil force everyone to pay all the time as that is how they make money, they are not a chairty