Advice wanted on "mortgage holidays"

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nevh2001
nevh2001 Posts: 21 Forumite
in Mortgage-free wannabe
Hello all,

I'm currently about 18 months into a 3 year fixed deal with Nationwide. In October next year, i am looking at taking a career break for 9 months and going travelling.

I dont want to rent the house out as i dont want to come home and find the carpets wrecked etc. or worse !!

My options are:- to either pay the mortgage payments while i am away, or i have heard of flexible mortgages where you can take a "mortgage holiday" for a few months. If anyone has any advice in these or if anyone has been in similar circumstances, that would be great

many thanks

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  • weemee
    weemee Posts: 183 Forumite
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    ....don't forget if the property has no one in it your insurance ofr your building and contents could be void!
  • cattie
    cattie Posts: 8,841 Forumite
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    You will need to check your mortgage offer documents to see if a payment holiday is applicable to your mortgage. Often if a payment holiday is allowed it's for a period of 6 months & you have to have had the mortgage for a certain time to be able to qualify.

    You need to read your mortgage documents & if you're still not sure then give the Nationwide a ring to ask them.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • pollyanna24
    pollyanna24 Posts: 4,370 Forumite
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    I have a Nationwide mortgage and think that you have to have the mortgage for at least 2 years before you can take a holiday (although it may be only one year).

    Don't forget interest will be accumulating while you take your holiday.

    Personally I'd rent it out and also pay overpayments if I could.
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
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    I am not 100% sure but you might need to overpay first of all before you can use this overpayment as a payment holiday.

    I have been overpaying my mortgage for many many years, so theoretically I could go for nearly 3 years without paying my mortgage.

    I would not leave the property for a full year unattended. If you are weary about your prized possessions then stick them in friends/relatives cellars/attics or hire a storage company. The money you make from renting the property out could be a god sent. You never know what might happen when traveling.
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