Nram Payment Holidays

markyboy73

I have a mortgage with NRAM. They seem to have changed their rules with regards to payment holidays. In the past if you paid 9 consecutive months then they would let you have a months holiday (payment would go up by approx. £5 after that). Now they seem to be doing a credit check as part of this process which they obviously didn't do before and refusing to honour the payment holiday. In the past 12 months we have paid off our £2500 loan which was part of the mortgage and have overpaid by £220 so think this is very unfair. Anyone else been in this position with NRAM?

kingstreet

The wording is "You may apply...

... All payment holidays are subject to Northern Rock prior agreement."

So, I suspect they have the right to say no as granting a payment holiday is against the objectives of the parent UKAR to return as much money as possible to taxpayers, as quickly as possible.

Thrugelmir

markyboy73 wrote: »

so think this is very unfair.

Two major events have occurred since you originally took out your mortgage.

1. Northern Rock was nationalised in March 2008.
2. Lenders have been forced to adapt to a regulatory code of conduct introduced in April 2013.

In essence the world has moved on.

We've had approaching 6 years of record low interest rates as well. Plenty of time to make hay while the sun shines.