Natwest mortgage holiday

valleyboy22

Hi,

All good with my Natwest mortgage holiday, but i was wondering if anyone can give me an additional advice please?

Our fixed 5 year first mortgage ends with them in December, but the have not said if this holiday break will extend it by 3 months? We are hoping to get a new lower rate and payment options come then?

Thanks

onlyfoolsandparking

I don't know about Natwest but my mortgage provider I can apply with them for a new deal when I have 4 months left on existing deal, maybe Natwest do the same? I don't know how the payment holiday will affect your deal, I'm sure they will tell you nearer the time your deal ends. 

valleyboy22

Ahh right thanks. I would like to think it will not stop us from looking for a deal come near time. I have responded to the email to ask this, because they did not put any details like this on there.

onlyfoolsandparking

I wouldn't think it would have any impact on applying for a new deal when that time comes, not so sure about them extending your existing deal though, the maths don't add up for me. The bigger problem for most I believe is that whilst a payment holiday will be most welcome for those that get it, interest is still being charged, there's probably no avoiding this whatever we do.

Theseconddeebo

valleyboy22 said:

Hi,

All good with my Natwest mortgage holiday, but i was wondering if anyone can give me an additional advice please?

Our fixed 5 year first mortgage ends with them in December, but the have not said if this holiday break will extend it by 3 months? We are hoping to get a new lower rate and payment options come then?

Thanks

It won't extend the period of your fixed rate, this will still end in December. They will add the amount on to what you owe, so the amount you need to re-mortgage in December will be larger than it would have been. For example, if you paid £500 a month and before this happened would have owed £150,000 in December at the end of your fixed rate deal, by taking the payment holiday the £500 a month which hasn't been paid will make the balance in December £151,500.  

Hope this helps.

valleyboy22

Brilliant thanks. We Pay £475 at the moment on a small mortgage, so this is why we are hoping the payments will reduce when its over.