Mortgage Holiday

RedFerDando

Hi. I renewed my mortgage with Nationwide last August at which time I knew I was to be made redundant this year. I realised that unemployment cover was likely to be void due to the fact that I knew of my impending redundancy and asked the mortgage advisor about this. He agreed that the cover would be no good but told me that I would be able to take a mortgage holiday for up to 12 months.
I was made redundant at the end of May and contacted Nationwide to enquire how to arrange a mortgage holiday. I was told that as of 1st April 2009 their criteria for granting mortgage holidays had changed and redundancy no longer fitted the bill.:eek:
Do I have any case to fight due to the fact that the Nationwide's mortgage advisor told me that I would be able to take a mortgage holiday?

dunstonh

Do I have any case to fight due to the fact that the Nationwide's mortgage advisor told me that I would be able to take a mortgage holiday?

None at all I'm afraid.

Lending criteria is always subject to change and authorised arrears are always at the agreement of the lender based on their criteria at that time. Its not something that is cast in stone in your mortgage contract.

Sarahw87

Depending on your circumstances you might be eligible for one of the government schemes; Nationwide have not signed up to the Homeowner Mortgage Support scheme but they do have a comparable scheme to help homeowners in your position. Shelter have a phone line where anyone can get advice on mortgage problems and the number is 0300 330 515 8am - 8pm