The invention relates to cutter head holder for cutters (1) of an underwater granulator for granulating granules from a plastic material melt that is discharged from a perforated plate (2) in a process chamber (3) in the housing of the underwater granulator. The holder comprises a cutter shaft, which can be coupled to a motor shaft (4) of a motor (5) of the underwater granulator, wherein the cutter shaft comprises an inner cutter shaft part (6) and an outer cutter shaft part (7) surrounding the inner cutter shaft part (6) at least in sections. The inner cutter shaft part (6) and the outer cutter shaft part (7) can be displaced axially towards one another but are not rotatable relative to one another. The outer cutter shaft part (7) faces towards the inner cutter shaft part (6) in a front region facing the perforated plate (2) of the underwater granulator, is mounted so as to be axially slidable over a front support (8) and the outer cutter shaft part (7) is rotatably mounted against the housing of the underwater granulator via at least one intermediate rotatable bearing (9).