Mortgage Holidays

hippobird

We have just been refused a Mortgage Holiday from Nationwide, despite us meeting all the criteria we are aware of.
We have had our mortgae for over one year.
We do not owe more than 80% of the property value.
We have never missed a repayment.
Despite all of the above, Nationwide tell us we do not meet their criteria. They would not disclose what criteria they were referring to or give us any further information on what they were assessing us against.
They just kept insisting everything was at their discression.
We genuinely feel we have been mis-sold our mortgage as we understood that we would qualify for a mortgage holiday as long as we met the one year & 80% rules.
What on earth are there hidden secret criteria and can they do this???

beecher2

It is at their discretion and they can indeed stop you from running up authorised arrears. You've certainly not been mis-sold your mortgage and I can only suggest going onto the Debt Free wannabee forums for help in working within the budget you have.

You could also look at lengthening the term of your mortgage, but this would obviously mean paying more in interest.

opinions4u

Why do you want a payment holiday?

We genuinely feel we have been mis-sold our mortgage

Give over. Unless a payment holiday was contractually guaranteed you've been mis-sold nothing.

Annisele

All a payment holiday does is increase the total amount you have to pay to your lender...before you make a fuss, are you absolutely sure you want one?

dunstonh

We genuinely feel we have been mis-sold our mortgage as we understood that we would qualify for a mortgage holiday as long as we met the one year & 80% rules.
What on earth are there hidden secret criteria and can they do this???

Look in your contract and find the bit that says you are entitled to get authorised arrears.

Thrugelmir

hippobird wrote: »

What on earth are there hidden secret criteria and can they do this???

No hidden criteria. There is no automatic right to a mortgage holiday.

Maybe you should have borrowed less in the first place.

We have had our mortgae for over one year.

Mortgages are long term committments not overdraft facilities.

hshen

I think most lenders are 'committed' to let you take a payment holiday using any overpayment you've made. But even that is at their discretion I believe.

_Andy_

hippobird wrote: »

What on earth are there hidden secret criteria and can they do this???

We don't know. They're hidden and secret.

SandC

Agree with all the others.

This arrangement is entirely at the discretion of the lender and they don't have to tell you why they won't allow you a holiday. I suspect their only 'terms' on this are written somewhere that they may allow you a payment break in certain circumstances. 'May' being the operative word. Their 'criteria' as you put it does not mean 'you will be given a payment holiday if you want one, no questions asked if you fulfil these 2 small things'.

As for being mis-sold, what is this obsession with people thinking they've been mis-sold just cos they can't get what they want?

dunstonh

As for being mis-sold, what is this obsession with people thinking they've been mis-sold just cos they can't get what they want?

Its a sign of the falling in society standards. Lower education standards and lower social skills including personal responsibility, respect and greed.

ILW

I believe I have been mis-sold my membership of MSE. How do I go about getting some compo?