mortgage break criteria with nationwide? help!

Posted 11th Feb 2015
Hi. I got refused a mortgage break/holiday today because the reason did not meet the criteria! I said it was because of home improvements! Can anyone help? Divorce is the real reason. Would that work ? Thanks
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Have you always paid your mortgage on time? Lenders refuse sometimes as a result of this.
Yes. I have always paid on time and I did fulfil all the other criteria. Thanks
may have been better to ask this question before you got refused as now it may be too late as you have already been refused.
Have you ever over paid? If yes and have built up enough to cover one months mortgage payment holiday, then you meet the criteria.
Only other option is to ask if they will swap you from capital repayment to interest only for the short term.
I have taken a holiday 5 years ago for the birth of my son.

When we wanted to take a holiday for building work we was refused also and took out a further advance to our mortgage instead.

How long have you had your mortgage and how long do you have left?
Edited by: "markvirgo" 11th Feb 2015
You haven't said why they refused? It might be worth asking for specifics as it could be related to credit rating. Not sure how your financials have been impacted by the divorce but if income into the account servicing the mortgage has fallen or savings have been depleted and you then follow it up with a payment holiday request, alarm bells could start ringing as your payments would increase after the holiday. Unfortunately, as you have been refused now, you will not be eligible to apply for at least 6 months. Is it worth 'coming clean' and trying again if the house is to be sold and the full debt settled?
Nationwide and mortgage breaks are a nightmare. They will not tell you what criteria they set no matter what you try. Marriage and birth is two, they also have a very limited in scope 'career break' reason. There is also one for illness/hospital treatment.

When I wanted one I had to resort to raising a complaint and ask for a deadlock letter so I could take it to the then FSA.

Did not hear anything for weeks and then got a phone call saying that they would do it but I would have to put it down to a career break. By the time they had got back to me the reason for wanting it had passed!

They absolutely hate mortgage breaks and none of their new mortgages have them. If I had taken the break I wanted then after it was completed I was told I would have to transfer the mortgage to one of their new products.

Be aware that they also require the submission of supporting evidence, medical records (pregnancy and illness) etc.
Edited by: "Argoj" 12th Feb 2015
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