HomeSite MapCompareFinanceDebtCasino Payment holidayThe mortgage definition for Payment holiday:A short break from regular mortgage repayments, sometimes offered with flexible mortgages. This can sometimes be a useful feature for self-employed people or others with irregular income. Similar MatchesAdditional principal paymentAdditional principal paymentExtra money included in the monthly payment to help reduce the principal and shorten the term of the loan. Annualised payment schemeAnnualised payment schemeAlthough the borrower pays interest at a variable rate, which can change from month to month, the lender charges a set amount of interest each month and then adjusts the balance at the end of the year. Balloon paymentBalloon paymentThe final lump sum payment due at the end of a balloon mortgage. Further SuggestionsEarly repayment periodLate payment Monthly repayment Mortgage payment protection insurance (MPPI) Overpayment Payment default Payment of balance Click to compare definitions of Payment holiday Click to view definitions beginning pa |