Halifax has relaxed its criteria for borrowers wanting mortgage payment holidays, following increases in the number of people wishing to take a payment holiday in the run up to Christmas.

Jason Clarke, media relations officer at Halifax, said: ‘With the average family spending £600 on Christmas, the opportunity to make use of the mortgage payment holiday is proving popular. The interest rate on a mortgage makes this option very affordable.’

The lender has reduced the qualifying period to three months from completion and the requirement for customers to hold either mortgage payment protection insurance (MPPI), or a salary-based current account has been removed.

Clarke added: ‘People are planning for Christmas and it now means you can take a month out of your mortgage and pay it back over 25 years.’

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