Just finished a mortgage holiday.......

1Poorgirl

and i'm after borrowing more!!! all arranged to go in and ask for £15k more for home improvements but they (Nationwide) are asking about my mortgage/ health protection policy saying that because of my holiday it may not cover it! i smacks of they're trying to flog me something i may not need. Any advise please?!

LoopyPrune

May they are just showing that they are concerned you arent stretching yourself to thin?

opinions4u

1Poorgirl wrote: »

and i'm after borrowing more!!!

So you've just had a period of time where you've not been able to afford your mortgage and you want to increase the debt. While I don't know your circumstances, if I was a lender this would make me very cautious about advancing you additional funds of any amount in the near future.

all arranged to go in and ask for £15k more for home improvements but they (Nationwide) are asking about my mortgage/ health protection policy saying that because of my holiday it may not cover it!

Well if your debt has risen as a result of missing a few months payments, your policy may well not cover you. I think it's better that they draw this to your attention than simply not bother mentioning it.

i smacks of they're trying to flog me something i may not need. Any advise please?!

If you have no other form of cover besides a mortgage linked policy, and you have previously considered cover worth having, then they have identified a potential need for more cover because your debt has increased. Even moreso if they lend you £15k on top of that. If they fail to address this need and you subsequently show that they should have discussed the subject with you, then they can be forced to compensate you.

If you don't want it there's a special word in the dictionary that you can use to politely advise them of this. It has two letters and begins with "N" and can commonly be followed with a "thank you".

Bloo_Loo

sounds odd to me....why come on a website and boast about your debt then say you are borrowing more?

who cares?

maninthestreet

'Mortgage Holiday' = Authorised Arrears.
Why are you expecting to be able to borrow more money if you are in arrears on the money you have already borrowed?

Peelerfart

Why does the word "Troll" come to mind ?.

(If not troll then dipstick)

spend2save

Thank goodness some banks are starting to act responsibly again.

1Poorgirl

Hi Peeps,
Thanks for your advise / comments, I should have filled you in alittle more on our situation prehaps. The holiday was because i've had a baby, the increased lending is because we are unable to sell our home (been on the market over a year now) and we are streched for space and looking to improve to make do. I've been weary of being sold un nessesary protection but i'm very happy to upgrade if it covers me.
And Peelerfart I don't know what you mean by Troll :rotfl:!!