Nationwide Mortgage Payment Holiday

fitzilian19

Hi,

My ex has just told me he's handed in his notice and is going to uni to repeat his final year.

I'm expecting our baby in 5 weeks and he has told me he wont be paying a penny towards the (joint) mortgage for at least 10months while he studies.

I've just been made redundant and with the baby on the way have absolutely no way of affording the mortgage on my own (£925 per month at the mo)

Mortgage is on fixed rate til the end of the month, with Nationwide. Had planned on going down to the base rate.

Would a payment holiday be of any help? My redundancy would have covered my half of the mortgage for up to 6months - but that was when i was calculating having extra income from his child maintenence payments (which i now wont be getting)


If it is an option, how long can you take a holiday for? i'm not worried about the interest i'll have to pay in the long run, keeping a roof over my baby's head is the most important issue.


thanks for any help you can offer...

samnorris2

fitzilian19 wrote: »

Hi,

My ex has just told me he's handed in his notice and is going to uni to repeat his final year.

I'm expecting our baby in 5 weeks and he has told me he wont be paying a penny towards the (joint) mortgage for at least 10months while he studies.

I've just been made redundant and with the baby on the way have absolutely no way of affording the mortgage on my own (£925 per month at the mo)

Mortgage is on fixed rate til the end of the month, with Nationwide. Had planned on going down to the base rate.

Would a payment holiday be of any help? My redundancy would have covered my half of the mortgage for up to 6months - but that was when i was calculating having extra income from his child maintenence payments (which i now wont be getting)


If it is an option, how long can you take a holiday for? i'm not worried about the interest i'll have to pay in the long run, keeping a roof over my baby's head is the most important issue.


thanks for any help you can offer...

HI fitzilian, the best thing here is probably to call nationwide themselves and ask for some advise but here are some ideas for what they're worth.

The payment holiday could work but then as you said that will only cover you for 6 months. Getting onto the BMR will definitely cut your payments down but to make things more manageable, you could also ask to extend the mortgage term. They can allow you to extend up to 40 years provided it doesn't go beyond your 65 b'day. That would reduce your monthly payments but obviously cost more in the long run.

Sam

poppy10_2

If it's a joint mortgage your ex can't just decide not to pay, he is equally and fully liable for the repayments. A payment holiday sounds like a bad idea - in essence it is just authorized arrears, intended for use in the very short term as an emergency measure if you are struggling with cashflow. If you have no realistic prospect of meeting the repayments in the longer term you might as well avoid the arrears and just negotiate with the bank now

geoffky

You really need to get on top of this very quick indeed, it looks like to me you need to get help as its a minfield out there,but looking from here it looks like you could be in trouble with the mortgage in the next twelve months as your ex does not care about you and the baby otherwise he would be doing the right thing now.....please get on top of all this now as it will be less painful than if you bury your head....ps his timing is brilliant...not