Intentional Missed Mortgage Payment?

WhitePear

Hi everyone,

This might sound strange but I don't want to pay my next mortgage payment and need some advice.
I have a mortgage with Nationwide and am in the process of remortgaging with ING as thier rates are a lot better.
The problem is the remortgage is unlikely to go through before my next payment is due (01/05) so I'm wondering what option I have.
The Nationwide payment will be £180 more a month than ING so if I incur any penalty charges for not paying my next instalment then it will be ok unless it's over £180 - is that right or am I being naive?

I tried to arrange a payment holiday, but that won't go through in time for this month.

Does anybody know what penalties I'll incur for not paying for a month, and basically is it worth it or could I get in more trouble than is neccesary?

Thanks a million for your help.

herbiesjp

Whatever you do - do not miss a mortgage payment - if ING do a new credit check on you, it could lead to them declining your mortgage

sarkin

As hebiesjp says dont miss the mortgage payment, even if ING dont find out it will be on your file and when you go to remortgage you will be showing 1 missed payment.

[Deleted User]

Always pay your mortgage, if you dont pay then the money you owe nationwide will show up as a default and they will pursue you for it, the new mortgage wont cover this payment and it will always be owing.

silvercar

If you are near to redeeming your mortgage (due to the remortgage), it will show up as an amount owing on your redemption statement. It will have to be paid in order to clear the current mortgage and allow your new lender a first charge on your property.

If your mortgage is definitely being redeemed in the next few weeks it could give you a couple of weeks grace but (a) the money will still need paying and (b) its not worth the risk of effecting your credit record.

jamesd

Make sure you pay it. Borrow on overdraft, loan or anything else but make that payment. You don't want it showing up as a missed payment at your remortgage after this one even if ING accepts it this time.

WhitePear

Thanks a million for all your replies. I heeded your advice and just bit the bullet. Full steam ahead with the remortgage now.

Thanks again.