Payment holiday - marriage breakdown

becki_77

Hiya, newbie here.

We have a mortgage with Nationwide. We're in negative equity (I think but havent had recent valuation) with recession but have little debts. Small loan, mortgage and minor overdrafts.

We are about to seperate and finances are going to be a big problem. Husband will need to rent somewhere and we'll need to keep the house on for me and our little boy too.

Do you know if they would give us some sort of payment holiday? Or will it just make the negative equity thing worse as we'll need to sell and when we do we'll owe even more.

I'm just trying to think of short term options as I want him out the house.

Greatful for any advice you may have.

xxx

Bethankim

Hiya,

sorry things are difficult for you.

when i had my mortgage with nationwide they were excellent and very helpful. i had a full 12 months mortgage holiday - you can have 6 or 12 months.

It is worth taking legal advice though, because if your separation leads to divorce then you will need to look at the house etc - I didnt and got myself in a pickle

Mrs_Bumble

It is certainly worth asking Nationwide about a payment holiday but how will the payment holiday help in the long run?

Will you be able to pay the mortgage at the end of this time?

What will change?

Asking for payment holiday is fine in theory but if it is just going to postpone the inevitable then the issues need to be looked at sooner rather than later.

Definitely get legal advice, even if it isn't in any formal way at the minute but speak to someone. Some buildings and contents policies have access to a legal helpline or you can ring http://www.communitylegaladvice.org.uk/ make sure you understand the legalities etc.

What is your husband's overall plan for the future, the house etc?

You can also check the estimated value of your property on sites like https://www.zoopla.co.uk