Can I take a “repayment pause” or switched to interest only payments due to maternity leave?

Your lender may have some options to assist you during maternity leave, it would be best to speak with them directly about your circumstances.

Yes, you can take a repayment pause or switch to interest-only payments due to maternity leave. Many lenders offer special repayment options for borrowers who are taking maternity leave, so it is important to speak with your lender about your options. When taking a repayment pause, you can choose to take a break from making payments for a certain period of time. The amount of time you can take a repayment pause depends on your lender, but it is typically up to six months. During this time, you will not be making any payments on your loan, but interest will continue to accrue. This means that when you resume making payments, you will have to pay back the interest that has accumulated during the repayment pause. You can also choose to switch to interest-only payments during your maternity leave. This means that you will only be paying the interest on your loan and not the principal. This will reduce your monthly payments and make them more manageable while you are on leave. However, you should be aware that switching to interest-only payments will mean that you will not be reducing the principal balance of your loan during this time. It is important to speak with your lender to discuss the repayment options that are available to you during your maternity leave. Your lender will be able to provide you with more information about the repayment options that are available and help you find the best option for your situation.