Reasons for Nationwide Payment Holiday
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Wellgood
Posts: 86 Forumite
Does anyone know what reasons Nationwide allow mortgage payment holidays.
I was rejected as I said my partner had made a career change and was doing adhoc work until they found a permanent position. They rejected me on the basis of "financial difficulty".
It got me wondering than what they actually allow payment holidays for? anyone know?
I was rejected as I said my partner had made a career change and was doing adhoc work until they found a permanent position. They rejected me on the basis of "financial difficulty".
It got me wondering than what they actually allow payment holidays for? anyone know?
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Comments
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Nationwide alow payment holidays on certain mortgages for very specific reasons. They will not tell you what criteria they set, however some of the 'events' they allow are marriage and birth, they also have a very limited in scope 'career break' reason. There is anither one for illness/hospital treatment.
Be aware that they also require the submission of supporting evidence, e.g. medical records (pregnancy and illness) etc.0 -
Does anyone know what reasons Nationwide allow mortgage payment holidays.
I was rejected as I said my partner had made a career change and was doing adhoc work until they found a permanent position. They rejected me on the basis of "financial difficulty".
It got me wondering than what they actually allow payment holidays for? anyone know?
When circumstances are beyond the control of the borrower(s).
Not because the borrower(s) have made a decision themselves which has resulted in them being in financial difficulty. Lenders aren't a back stop when plans go awry.0 -
I think it depends if you are asking for a payment holiday or if you are asking to underpay as you have previously overpayed and built up an overpayment reserve. The first situation is asking not to pay the mortgage but the second is asking for your overpayments to pay the mortgage (thus reducing the overpayment)
Do you have any overpayment reserve with Nationwide would assume that Nationwide would be more flexible with this option?
Do Nationwide have a helpline for people who can't pay the mortgage and therefore are in danger of going into arrears?
As Nationwide are a building society I find them much more cautious on things than a bank generally0
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