Homeowners who are feeling the effects of the credit crunch on their finances could be entitled to a break from their monthly payments, one financial expert has said.
According to MoneyExpert.com, mortgage holders should check the terms and conditions of their policy as 58 per cent of the products available offer some sort of payment holiday facility.
Sean Gardner of MoneyExpert.com said: "Lenders are aware they need to be flexible with their customers and are already ahead of the game - certainly more than the Chancellor might have us believe."
"Cash-strapped" homeowners should enquire about taking a break as six out of ten mortgage products come with this facility.
Further findings from the financial advisor showed that the number of products offering payment holidays has increased.
Only 44.5 per cent of fixed and discounted mortgage offers included the option back in September 2006.
Previously research from the firm showed that the number of fixed-rate mortgages with terms of ten years or longer has increased in the past year.
Re-mortgage:- JST Financial, Unsecured, Personal loan Specialists catering for good and adverse credit for tenants and homeowners