Mortgage Holiday and Property Incorrectly Listed

Christie_L

Hi all,

I'm sorry if this is posted in the wrong area - hopefully though someone out there will be able to point me in the right direction.

Basically, we contacted the Nationwide to ask about the possibility of arranging a mortgage holiday for 6 months so that we can make our garden child-friendly. Currently it looks like an earthquake has hit it and I can't let my 2 young children out there. The Nationwide told us that we have insufficient equity in our property and that a mortgage holiday was therefore not possible.

We bought the property in 2007 for £175,000, we have a £125,000 mortgage. The problem I believe is, our property is listed 'somewhere' as being a semi-detached - it isn't - it's a detached, and all the other properties around us are semi's which ARE only valued at £135,000. Using Nationwide's 'what's your house worth' tool on their website it states that properties in our postcode average at £135,000, and detached properties are valued around £215,000.

My question is, is it worth me trying to explain this to the Nationwide and ask again about the mortgage holiday? It would be possible to raise the money in other ways but this would have been the most convenient method, and I'm concerned that the incorrect listing might affect our property value in the future.

Well done if you've read this far, and thanks in advance for any insights

Christie x

beecher

First things first, requesting authorised arrears for 6 months to do up a garden is not a wise move. You'll have to pay interest on the interest and as you say you can raise the money elsewhere, then I'd look at doing that as the most convenient way is rarely the most sensible way.

The Nationwide index won't impact on your property value when it comes to reselling. With prices falling roughly 20% from peak, then £135,000 doesn't sound that far from how much your property will be worth - it'll certainly be closer to that than £215,000.

FraudBuster

Download the details of your property from The Land Registry for £3.
If they are wrong, they can be amended.

happybroker

Christie_L wrote: »

Hi all,

I'm sorry if this is posted in the wrong area - hopefully though someone out there will be able to point me in the right direction.

Basically, we contacted the Nationwide to ask about the possibility of arranging a mortgage holiday for 6 months so that we can make our garden child-friendly. Currently it looks like an earthquake has hit it and I can't let my 2 young children out there. The Nationwide told us that we have insufficient equity in our property and that a mortgage holiday was therefore not possible.

We bought the property in 2007 for £175,000, we have a £125,000 mortgage. The problem I believe is, our property is listed 'somewhere' as being a semi-detached - it isn't - it's a detached, and all the other properties around us are semi's which ARE only valued at £135,000. Using Nationwide's 'what's your house worth' tool on their website it states that properties in our postcode average at £135,000, and detached properties are valued around £215,000.

My question is, is it worth me trying to explain this to the Nationwide and ask again about the mortgage holiday? It would be possible to raise the money in other ways but this would have been the most convenient method, and I'm concerned that the incorrect listing might affect our property value in the future.

Well done if you've read this far, and thanks in advance for any insights

Christie x

Yes to answer your question, the valuation that Nationwide had done when you mortgage the property to them will tell them what kind of house this is.

Think really, really hard about this course of action though. It's only my opinion but payment holidays are, in my mind, designed to be used in emergencies to prevent you going into arrears, divorce, long term sickness, birth of a child, temporary job loss, poorly child....that kind of thing. Only my opinion though.