Holiday Breaks

agbs3

I have been with Northern Rock since 2006, they wont give me a new mortgage as im an existing customer, We are looking to remortgage so my question is this, Im entittled to 3 months holiday break, would i be left with a final bill if i took them and does it affect your credit rating?

My thinking is that if were entittled to them and they wont give us another mortgage whats the point in paying NR for the next 3 months if i dont have to as after the 3 months we could go straight on to our remortgage - Am i being naive????

Thanks for any help

beecher

It isn't so much a 'holiday' as arrears, so it isn't a good move at all. You'd end up with a higher amount outstanding when you go to remortgage as you'd have interest on your interest.

edit: just to add, what's your loan to value? Are you confident you can get a deal elsewhere - it is your loan less than 90% of the present value of your property

agbs3

Thanks very much - i thought it sounded a bit to easy!!!