Over pay then no pay for a bit cos of illness

MarkyMarkD

Kantankrus_Mare wrote: »

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.

I think you've misunderstood what you've been told there.

Obviously if you stop paying for 6 months, the interest you should have paid increases the capital balance of your loan. Thereafter, you'll pay more interest, but not a higher rate - the "more interest" is because the balance is higher.

I can't see why you consider that isn't a good deal - if you don't have the cash, it is by far the cheapest way you are going to borrow money.