If your client has made overpayments on an NBS mortgage where the product was taken out prior to the 4th March 2010, they may be able to borrow it back or take a break from repayments for 3 to 12 months.
Borrow Back
If your client has built up an overpayment reserve they can borrow back any amount up to the limit of that reserve for any purpose.
If your client chooses to borrow back their outstanding balance will be recalculated at the next rate change, or at the end of the year (whichever is first).
The new calculations will ensure the mortgage is repaid in full by the agreed date.
Terms & conditions apply.
Payment Holidays
There may be times when your client wants to take a break from paying their mortgage. For example, if they are taking a break from regular employment or starting a family. Your clients can apply to take a payment holiday of between 3 and 12 months.
Transparent conditions
If your client wishes to take a payment holiday, they must:
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Have held a Nationwide mortgage for more than 1 year
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Have a mortgage that is less than 80% of the value of the home at the end of the payment holiday
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If your clients are experiencing payment difficulties (i.e. income is insufficient to cover reasonable living expenses and meet financial commitments as they become due), please ask them to call us, or visit their nearest branch, to discuss all the options that are available as a payment holiday may not be appropriate.
Once your client's request has been granted, they'll receive a letter confirming the dates of their payment holiday
Terms and condtions apply.
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