Advice wanted on "mortgage holidays"

nevh2001

Hello all,

I'm currently about 18 months into a 3 year fixed deal with Nationwide. In October next year, i am looking at taking a career break for 9 months and going travelling.

I dont want to rent the house out as i dont want to come home and find the carpets wrecked etc. or worse !!

My options are:- to either pay the mortgage payments while i am away, or i have heard of flexible mortgages where you can take a "mortgage holiday" for a few months. If anyone has any advice in these or if anyone has been in similar circumstances, that would be great

many thanks

weemee

....don't forget if the property has no one in it your insurance ofr your building and contents could be void!

cattie

You will need to check your mortgage offer documents to see if a payment holiday is applicable to your mortgage. Often if a payment holiday is allowed it's for a period of 6 months & you have to have had the mortgage for a certain time to be able to qualify.

You need to read your mortgage documents & if you're still not sure then give the Nationwide a ring to ask them.

pollyanna24

I have a Nationwide mortgage and think that you have to have the mortgage for at least 2 years before you can take a holiday (although it may be only one year).

Don't forget interest will be accumulating while you take your holiday.

Personally I'd rent it out and also pay overpayments if I could.

UK007BullDog

I am not 100% sure but you might need to overpay first of all before you can use this overpayment as a payment holiday.

I have been overpaying my mortgage for many many years, so theoretically I could go for nearly 3 years without paying my mortgage.

I would not leave the property for a full year unattended. If you are weary about your prized possessions then stick them in friends/relatives cellars/attics or hire a storage company. The money you make from renting the property out could be a god sent. You never know what might happen when traveling.