NRAM mortgage repayment holiday advice.

azazaz

Hi. Have had a northern rock (now NRAM) mortgage for about 7 years, perfect repayment history.

As part of the flexible options there is the option now to take a 3 month repayment holiday (longer is available on request but dont need this)

My financial situation at the moment is not great but my parents are coming into some money early next year and they have agreed to essentially buy the house out from under me and rent it back at an agreed rate. this would happen about march.

So i'm now looking at taking the repayment holiday for dec/jan/feb

This would take the pressure off me and by my reasoning will not add too much to the eventual settlement figure when we pay off the mortgage in march.

So a few questions.
Is my assessment that as we would be paying off the mortgage completely just after the holiday then the holiday will not have a huge affect on whats left to repay. (obviously it will go up a bit but not hugely)

Does taking a repayment holiday that is one of the flexible features of the mortgage involve a credit check or is it just that the necessary repayment criteria have been met.

are they likely to ask a load of questions as to why i want the holiday?

any help is appreciated

Thrugelmir

NRAM will seek justification for granting the holiday. Most certainly will take a close look at your finances to ascertain if you have other debts.

Your credit record will also be marked as in arrears. As the holiday option is really there for those with financial difficulties. So something to consider carefully.

Gina_O

Not correct re the arrears comment - I did a payment break last January with NR and arrears never appeared on my credit file.

Thrugelmir

Gina_O wrote: »

Not correct re the arrears comment - I did a payment break last January with NR and arrears never appeared on my credit file.

The main lenders also share information between themselves.