Nationwide Overpayment / Payment Holiday

hugonellie

I have built up quite a large over payment reserve on my Nationwide mortgage - apparently I have a mortgage (I don't have my details at my desk at work) where I cannot borrow back these over payment funds. I was wondering if I could however have a payment holiday for a month and would this affect my credit rating at all? I was hoping it might not as I have this overpayment reserve build up. I didn't think of it whilst I was on the phone to Nationwide, so have not asked them yet.

Its not vital I have this one month payment holiday - I'm not on the breadline or anything - but it would be nice to just have a break at Christmas - and continue my monthly over payments again in Jan.

I have never missed or had a late payment and my credit rating is quite good. I have no debt or anything like that, I simply want to have a really nice Christmas! However if its going to adversely effect my credit rating I'll just do without a few extra presents for myself :rotfl:

Thanks in advance

kingstreet

Using overpayments to finance payment holidays is an accepted feature of a mortgage and should not affect your credit history in any way.

Check with lender when arranging though.

hugonellie

Awesome! I'm not sure why they didn't suggest this when I mentioned I just wanted a month off...Never mind, I'll give them a call again and double check before using it

:beer:

Imma_Number

http://www.nationwide.co.uk/support/support-articles/manage-your-account/mortgage-payment-holiday

Are you eligible for a payment holiday?

For Nationwide mortgages reserved on or before 3 March 2010, and some existing Cheshire and Derbyshire mortgages, you may be able to apply for a payment holiday of between three and 12 months if:

• you've had your mortgage for more than one year,
• you haven’t had a payment holiday in the last year,
• you haven’t had a payment holiday application declined in the last 6 months, and
• your mortgage is less than 80% of the value of your home at the end of your payment holiday (conditions apply).

If you've ported your mortgage since 3 March 2010 you'll still be able to apply for a payment holiday.
If you've switched to a new deal since 3 March 2010 you won't be eligible for a payment holiday.