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Mortgage Overpayment - Nationwide
3 Answers
Hi guys, just wondering if anyone has made an overpayment on their Nationwide mortgage?
I got a letter saying I had (didn't realise!) and that they'd reduce the payment. But as the reduction is only about 5 quid I was wondering if it was possible to claim that one overpayment back?
I got a letter saying I had (didn't realise!) and that they'd reduce the payment. But as the reduction is only about 5 quid I was wondering if it was possible to claim that one overpayment back?
Answers
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I did so deliberately. The default is to reduce the monthly payment, but you can ask for it to reduce the term instead. To my surprise they took the overpayment as the payment for that month instead of in addition to the normal payment.
You'd have to ask if you can underpay the next month to return the monthly payment back as it was. They may be flexible but I doubt they are obliged.
You'd have to ask if you can underpay the next month to return the monthly payment back as it was. They may be flexible but I doubt they are obliged.
The options you have depend on which specific Nationwide mortgage you have. The details of Nationwide's 'rules' on this are here.
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Overpaying when you have spare cash is in my view and sensible way of cutting the term on one's mortgage and is to be recommended. It is how I paid off a 25 year mortgage inside 16 years.
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Overpaying when you have spare cash is in my view and sensible way of cutting the term on one's mortgage and is to be recommended. It is how I paid off a 25 year mortgage inside 16 years.
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