Mortgage payment holiday
A mortgage payment holiday gives you some flexibility in repaying your mortgage. It can allow you to stop or reduce your monthly payments for between 1 and 12 months.
Mortgage payment holidays are only available on some of our mortgages. To see if you have the payment holiday feature on your mortgage, please check your latest mortgage offer.
What to expect when taking a mortgage payment holiday
Your monthly payments will be recalculated at the end of the payment holiday. They may increase as a result. You will still have interest added to your mortgage throughout this period, even while your payments are reduced or on hold.
We'll let you know when your payment holiday ends and tell you what your new monthly payment will be.
Being eligible for a payment holiday
You may be able to apply for a payment holiday if:
- your Nationwide mortgage was reserved on or before 3 March 2010 or if you have an eligible Cheshire or Derbyshire mortgage
- you haven't had a payment holiday in the last 12 months
- you haven't been declined for a payment holiday in the last six months
- the Department for Work and Pensions aren't making payments to your mortgage
- you haven't had a term extension within the last 12 months
- your account hasn't been in arrears in the last year
- your property isn't currently let
- your mortgage isn't shared ownership
- you haven't had any additional borrowing on your Nationwide mortgage in the last 12 months
- you have not switched to a new mortgage deal since 3 March 2010
- your mortgage wasn't regulated by the Consumer Credit Act at the time you took it out
- your mortgage term has at least 12 months remaining after the payment holiday finishes
- your mortgage isn’t more than 80% of the value of your home at the beginning or the end of your payment holiday.
What you can't do during a payment holiday
- Change the way you repay your mortgage
- Let out your property during the payment holiday
Setting up a payment holiday
When you apply for a payment holiday, we'll ask you what date you want your payment holiday to start. This must be the first day of a month, and no more than two months in the future.
Call our team to apply for a payment holiday
Monday to Friday, 8am to 6pm.
Closed weekends and bank holidays.
After your payment holiday ends
We’ll send you a letter before your payments are due to restart. It will confirm the start month and the amount of your new payment.
Options for what to do next
You can choose whether you would like to pay the new monthly amount or pay more.
Pay your new monthly payments
- Still have a Direct Debit set up
You don’t need to do anything. We’ll collect your new payment amount.
- Cancelled your Direct Debit
You’ll need to set it up again. This usually takes 2 weeks, so make sure you give yourself enough time before your next payment date. Set up a Direct Debit
- Pay by standing order
You’ll need to update your standing order with your new payment amount. Contact your bank or building society to do this.
Pay more than your new monthly payment
If your financial situation has improved, you could increase your monthly payments or even pay the payments missed in full. This way, you’ll pay less interest over the long term.
If you were making overpayments before taking a payment break, you’ll need to set them up again.
If you can’t make your mortgage payments
If you're unable to make your monthly payments or if you've already missed one or more payments, don’t panic. We’re here to help.
We understand that it can feel easier to avoid a conversation with us and hope the situation improves. But the sooner you get in touch, the quicker we can help you.