Unable to pay mortgage for one month

markinmanc

Hello all. For various reasons, I'll be unable to pay my next mortgage instalment. I have no idea how to broach it with my provider (Nationwide). It'll be just for one month and I have an overpayment balance of about £1,500 with them.

I've never missed a payment before, but have no experience in dealing with such matters and don't want to go see them without some idea of what to say or what might happen.

Worse thing is, my payment is about £330 - not a lot to some, but at the moment, just too much for me.
Any advice is welcome.

Thrugelmir

Speak to your bank and arrange a temporary overdraft.

poet123

If you have an overpayment credit balance you can re claim some of that to make the payment.

skinnylove

From the Nationwide website:

"When you overpay this builds up an overpayment ‘reserve’, which you can use to either reduce your monthly payments by a set amount (e.g. £50.00 per month), or stop making payments for a set period. You can use either part or all of your overpayment reserve to do this, but the maximum amount you can underpay by is the value of the overpayment reserve you have built up.

When you underpay, your monthly payment will be recalculated at the next rate change (variable rates only) or at the end of your product term, depending on which is first."

craigt

Maybe check to see whether your mortgage product allows you to take a payment holiday?

opinions4u

If it really does boil down to missing a payment, pay something. Even if it's ony £1.

That way you'll be less than a full month in arrears.

(But I agree with all the posts above)

markinmanc

I doubt an overdraught is an option as I'm up to the limit they allow on my account. But I'll look into it. I work on a zero hour contract but usually earn enough to pay my way. But this month has seen way more outgoings than usual.

Paying even a bit sounds like a good idea!

I have seen the bit on the Nationwide website about using overpayments to cover inability to pay or even a payment holiday. But would it be as simple as just walking in and asking? And without a salaried income, I'm worried they won't go for it.

My outstanding mortgage is about 30% of the current market value of the house. Not sure that really matters though.

I don't have any debts other than the mortgage, my other outgoings are utilities, mobile etc.

I'm probably being irrational but I have this fear that I will walk in to tell them I have a problem,but that without having some kind of solution to offer I will walk out of there with them starting to repossess the house.Silly I know,but...

opinions4u

Repossession is a long way off. Talk to them.

poet123

markinmanc wrote: »

I doubt an overdraught is an option as I'm up to the limit they allow on my account. But I'll look into it. I work on a zero hour contract but usually earn enough to pay my way. But this month has seen way more outgoings than usual.

Paying even a bit sounds like a good idea!

I have seen the bit on the Nationwide website about using overpayments to cover inability to pay or even a payment holiday. But would it be as simple as just walking in and asking? And without a salaried income, I'm worried they won't go for it.

My outstanding mortgage is about 30% of the current market value of the house. Not sure that really matters though.

I don't have any debts other than the mortgage, my other outgoings are utilities, mobile etc.

I'm probably being irrational but I have this fear that I will walk in to tell them I have a problem,but that without having some kind of solution to offer I will walk out of there with them starting to repossess the house.Silly I know,but...

If you have overpaid it is still technically your money. All you need to do is phone them and say you have has some unexpected expenses (you actually don't need to give a reason) and ask them to transfer the amount of your payment to cover the next payment. Don't offer any more information.

shop-to-drop

Try to protect your credit rating by talking to them. Hopefully you can use the reserve to cover the paymnet this month but if not ask them how best to deal with the shortfall this month to minimise it's impact on you in the future.

markinmanc

opinions4u wrote: »

Repossession is a long way off. Talk to them.

I know, but I'm a bit Chicken Little about it at the moment! I've not wanted to talk to friends about this so have been dwelling on the downside of this on my own.