Mortgage Payment Holiday

gemma1984

We're with Northern Rock at the moment on a 100% mortgage deal with a £5k loan on top. We are expecting our first baby just before christmas and are thinking about asking for a repayment holiday round about this time to make things easier.

We've had the mortgage and made consecutive monthly payments since Jan 07.

Any tips on what I should say on the phone to them to avoid getting diddled??

~Beanie~

Just tell them why you want it - as long as you have a flexible mortgage then you should be entitled to one according to what it says on their website...

When you’ve had a flexible mortgage for nine months, you can take a month’s payment holiday. And you can do it again, every year. If you don’t use the payment holiday facility in one year, you can accumulate up to a maximum of three and then use them altogether.
If you take a payment holiday interest will continue to be charged. This will have the effect of increasing the outstanding balance upon which future loan interest charges are calculated on.
Sometimes you may need longer, for maternity or a career break for example. In these circumstances you can apply for a payment holiday of up to six months.
To use any of the flexible mortgage features, simply call us.
All flexible features are subject to terms and conditions.