Over pay then no pay for a bit cos of illness

nelly_2

Saying you had over paid for instance exactly a years worth on a mortgage but then one of your knees exploded and you couldnt work for a year.

Do companies let you say ok, or do you have to keep paying anyway, or are they all different?

Anyone been in a similar situation?

tesuhoha

If you overpay then your mortgage account becomes in advance. I am pretty sure that if your account is in advance then you dont have to make another payment until the advance has been eaten up by the mortgage payments. Has your knee exploded then Nelly?

wishiwasarichgirl

you bust yer knee then nelly?

think each company's terms may be different, I remember mine telling me if I overpay I can get the money back or take a "payment holiday" if I needed to. Not sure if there were any catches or charges etc.

prob best to phone them up and ask.

Floxxie

It definitely depends on your lender's t&cs; any overpayments I have made cannot be got back so the only thing I can do is alter the term of the mortgage to what it would have been if I hadn't made the overpayments. I would still have to continue paying in the meantime which is why I am changing my mortgage in August (tied in until then)

JoeK_3

What you can and can do will be in your orginal mortgage offer or mortgage deed.

Each mortgage will be different.

JoeK

Kantankrus_Mare

I'm with nationwide and have overpaid about six thousand due to selling endowments.

I looked into having a payment break of 6 months and while yes that is no problem...............any interest for that period would be tagged onto the mortgage and you would pay a higher rate of interest when resuming normal monthly payments.

Unless you are really really strapped for cash I dont see this as a good deal.

RufusFrog_2

An offset (particularly a current account) mortgage is most likely to give you this sort of flexibility. But you often can't get a really competitive interest rate from one so you need to carefully weigh up the pros and cons.

Kaz2904

AAARGHH! I already posted and lost this!!!
Phone your mortgage company with your account number and ask them what the best course of action is. Ask them if you are able to take a break. Get their name when you phone.
If you are able to make your normal mortgage payments on your sick pay then I personally would keep on with your normal monthly payments and visit the old style board and the DFW board to make the most of your money. I have to go DH is tormenting me!!

nelly_2

Thanks chaps. my knees are fine it was just an example.

I was just going through a case scenario thats all.

thanks again

gentlepurr

hiya nelly!

as a "for example", i took out a new mortgage with northern rock last september, and make overpayments of approx £130 per month. they let you use or withdraw the overpayments if needed once you have made more than £500 worth of overpayments.

hope this helps chuck!

xx

nelly_2

gentlepurr wrote: »

hiya nelly!

as a "for example", i took out a new mortgage with northern rock last september, and make overpayments of approx £130 per month. they let you use or withdraw the overpayments if needed once you have made more than £500 worth of overpayments.

hope this helps chuck!

xx

It does ta mate