Nationwide Mortgage Holiday

[Scott Carney]

I have recently enquired about taking advantage of the payment holiday option on my Nationwide mortgage. I was informed that a valid reason was required before a payment holiday can be approved. I then asked where I can find a list of valid reasons, but was told that no list existed and that I must give them a reason and they would then let me know whether or not it is valid.

Does anybody have experience of obtaining a payment holiday from Nationwide, or have any expertise on this, and therefore know which reasons would be valid?

Thanks

Scott

[ComareTheMortgageMarket]

There are all sorts of valid reasons that the bank would accept. Things from a relationship breakup to an emergency at home such as the car breaking down & going to cost x amount to fix or maybe some work needs to be done on the house & you could do with the extra money for this.

A genuine reason a client of mine gave many years ago was that he had been made redundant & could do with a 3 month break on the mortgage.

[Enness Private Clients]

They take any reason, so long as it is valid - the monthly payments are added onto the mortgage amount so you will pay interest on the holiday payments for the life of the loan,

[ComareTheMortgageMarket]

As long as you avoid telling them you need to pay off a gambling debt!

[Enness Private Clients]

Or to fund a drug habit!