mortgage advice

jlctom

Hi,

We have recently moved house and currently have a two part prtgage with Nationwide. The first was an existing one which is currently at 2.5% and the top up bit is about 6%. The original section has the ability to take payment holidays of up to a year - we would like to take a payment holiday and overpay on the higher rate section thus minimising our interest payments. My wife spoke to nationwide and said just this but they told her that this would not fit the criteria of allowable payment holidays.
That said we do actually have perfectly good reasons to take one - we have just had our first child and my wife (our main wage earner) is on reduced income whilst on maternity leave. My question is does anyone know if it is possible to overpay on one part of a nationwide mortgage whilst taking a payment holiday from the other? or even if we can persuade them to give us the payment holiday will we be porecluded from overpaying on the other bit? I would really welcome people's advice/experience before i contact them - forewarned and all that...
Thanks in advance

Thrugelmir

Logic dictates if you really needed a payment holiday then you'd take it on the most exepensive borrowing.

Any other course of action would raise questions in an underwriters mind. That there was a motive behind the request.

jlctom

Sorry, didn't explain that fully, knew I'd forget something. The second part of the mortgage is only for a small amount therefore the payments are only about half those of the original mortgage. Also, if my memory serves me correctly (I don't have documentation in front of me) the top up doesn't have the facility to take payment holidays.