Mortgage payment holiday

[amare32]

I have a mortgage with Northern Rock on a fixed rate until 2011 - thankfully as I had a feeling that things were going to go a bit tits up back in Novemeber 2006 so decided a 5 year fixed would suit me.

As per the terms & conditions of the agreement, customers are entitled to 1 payment holiday per year after 10 consecutive payments. In certain cases, they can offer a 3-6 months payment holiday if you had reasons to require one, e.g.: maternity leave.

Can anyone advise if this is only limited maternity leave?

Thanks in advance

[m4tt]

Give them a call and ask. Best way for a definate answer.

[miniman]

Can't speak for Northern Rock specifically, but I had a payment holiday from Lloyds TSB because I knew I was likely to be without a salary for 2 months. They didn't seem to care what it was for.

[gti tim]

We had one from Halifax when our wedding was on, because of the bills. Think they will allow more reasons than just maternity leave.

[amare32]

m4tt said:

Give them a call and ask. Best way for a definate answer.

Well I normally would be but their lines are now closed at the moment so I was just wondering if anyone on these boards knew - just so it would save me waiting on the phone line for ages tomorrow as these call centres normally do

[miniman]

northern rock said:

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.

From here: http://www.northernrock.co.uk/mortgages/flexibilit...

My bold. Looks like they don't care what it's for.

[s3fella]

tell them you are sticking half of it on black and the rest on renting a lambo for a few trackdays....!!

Edited by s3fella on Thursday 6th November 20:14

[amare32]

Thanks guys. I'll give them a call just to check. I have been thinking about taking 2 months off next year to travel, although I could dip into my savings to cover the 2 months I won't be working I want to check if a longer payment holiday than the usual 1 month would be possible. Not worth knocking up some random bird just to qualify for the 6 month payment holiday

[SimonV8ster]

At the end of the day there not going to care as they will make more money out of you if you leave the mortgage to run its course.

[Allblackdup]

We also have a Fixed mortgage with Northern Rock and are thinking of taking a holiday payment as my wife's just gone onto maternity leave.

My wife was looking on their website recently and found you can access your mortgage online. You register on their website and then they post you an activation code. (Ours arrived today). Then you can get access to all your info online, but also with the activation code, there's an option to chat online to a Northern Rock advisor about your mortgage. Save your phone bill and do it that way.

HTH

[Big Rod]

I'm in exactly the same position as the OP, (even down to the bank and when the FR is valid until!).

I enquired about it a while ago and it seems they really don't give a monkeys what reason you want it for, you just ak for it and away you go.

[minimax]

Big Rod said:

I'm in exactly the same position as the OP, (even down to the bank and when the FR is valid until!).

I enquired about it a while ago and it seems they really don't give a monkeys what reason you want it for, you just ak for it and away you go.

I can assure everyone thinking of doing this that NR don't care what it's for and will happily arrange it, it's almost regarded as a right of the customer to take advantage of this option for any reason

(3 years at NR and still involved with them even now)

[shirt]

minimax said:

Big Rod said:

I'm in exactly the same position as the OP, (even down to the bank and when the FR is valid until!).

I enquired about it a while ago and it seems they really don't give a monkeys what reason you want it for, you just ak for it and away you go.

I can assure everyone thinking of doing this that NR don't care what it's for and will happily arrange it, it's almost regarded as a right of the customer to take advantage of this option for any reason

(3 years at NR and still involved with them even now)

+1. ring and ask, they take 2 mins to check [i.e. get your details on their pc] and if you are eligible then they sort it immediately. no paperwork for you at all, but they send a letter confirming the holiday and that the missed payments will be added to your mortgage term etc.

taken 2 payments holidays with NR so far