NRAM Payment holiday

thunders79

Hi
We have a mortgage with NRAM (unfortunately!) our original mortgage papwork states that we can apply for one payment holiday every nine months (which we always take) I usually phone up, request it and it's sorted. However, i phoned today and the man asked me all sorts of questions... how much we earn, what it's for, how much debt we have etc etc...

I was wanting to use this payment break to help towards the cost of a new boiler and had been banking on using this money to be honest.

He said he had to transfer me to the Collections dept? the lady then said how much our new payments would be and that i'd have to wait for a call back as their new systems now state that they have to send the information off to be asessed.

Does anyone know anthing about this? can we be refused even though it was part of our mortgage agreement?

I'm confused.

opinions4u

What do the T&Cs say?

If there's some sort of "subject to status" type wording then yes, they can do this.

Basically you are asking for a loan. The amount of the loan is one month's mortgage payment. They are assessing your ability to pay against their current lending criteria.

our original mortgage papwork states that we can apply for one payment holiday every nine months (which we always take)

Saying you can apply is not saying that you are guaranteed to get.

Your post suggests that you are in some way unhappy with your NRAM mortgage. If so, get you LTV down (by overpaying) and remortgage to a better deal elsewhere.

Increasing your debt every 9 months by skipping a payment makes it harder for you to remortgage to a decent deal.

bhindi

I recently had an NRAM mortgage, but have just moved to HSBC, but by my experience NRAM seemed to be getting more awkward regarding payment holidays than they used to be. Every month I made about £400 worth of overpayments, but had taken 2 months holidays break, but the last time I asked they were particularly difficult with me, they did give me my money, but they really didnt want to.

Thrugelmir

thunders79 wrote: »

Does anyone know anthing about this? can we be refused even though it was part of our mortgage agreement?

I'm confused.

If you constantly requesting a payment holiday. Then over time your payments will squeeze your disposable income further. The lender will reach the point of questioning whether its affordable. So may decline your request and force you to tackle your issue head on rather than give you an opt out.