motgage holiday (6 months into mortgage)

yogiberr

hiya,

I'm 6 months into a nationwide mortgage and have recently been made redundant..great.

I had been overpaying and had thought that i could take a mortgage holiday if I had been been paying for 6 months.The nationwide tell me that I have to have 12 onths' payments befre i can take a mortgage holiday.It ight not even come to this, but I want to be prepared, just in case.

I have to phone their office on monday to discuss options.I don't see any long term hassle, but i'm currently self employed.

Any advice?

cheers,

yogi

roswell

Read your t&C`s it should all be outlined in the documentation with the mortgage product,

HelpWhereIcan

As far as I know, the information that you have been given is correct - as far as payment holidays goes.

However, you may find that Nationwide may allow a period of underpayment or even interest only payments as their criteria states:

Nationwide will allow you to pay reduced monthly payments at any time up to the value of any credit balance you have previously built up, provided all of your accounts are up to date. You must obtain Nationwide's agreement to this prior to reducing your monthly payments.

If this does not work, there may be one more option. As you have overpaid, you may also be able to make use of their borrow back facility to 'withdraw' the overpayments you have made to help fund your mortgage payments.

Borrow Back Allowed. When you have built up an overpayment ‘reserve’, you have the option to use this reserve to borrow back for any purpose you have in mind.

Good Luck and hope this helps

yogiberr

hiya HelpWhereICan,

Aye, they can help me with an underpayment preference which will use up the amounts that I have overpaid.No extra interest, no credit rating hassle.

Not too bad, as far as I can see.I hope I don't have to use it, but paying 4.59% interest is a far better deal than paying my bank 12% for an ovedraft.

Here's a couple of numbers for Nationwide, incase it helps someone else.

01604 796 918
0845 7 30 20 10

cheers,

yogi