Changing the term of Nationwide mortgage

Daisy_Duck · 22 December 2009 at 7:32PM

Hello

I'm after some advice from those in the know about Nationwide mortgages please

We currently overpay by the allowed £500 per month (in the fixed rate period still). We save money alongside this with the intention of adding this when the fixed rate is up and there is no cap on overpayments.

I have read a post in this forum regarding changing the term of the mortgage and would like some clarification before I call Nationwide.

Can we simply call them and ask to reduce the term, thus raising our regular monthly payments? Do we need to tell them what term we'd like or can we say that we'd like to pay say £2000 or £3000 a month and they would be able to inform us when it would run out if that was our payment?

Hope I'm making sense!

Thank you for any help, it's much appreciated. :beer:

DD

SoozyJ22 · 22 December 2009 at 8:03PM

I've changed my Nationwide mortgage term quite a few times. The way I do it is this:

- send them a message from my online banking asking them to post me the form you need to fill in to get the term changed
- once form's arrived, I call them up and say "hello, I'd like to change my term so that my monthly payment is £xxx please" and they tell me which term would give me the closest amount to my £xxx and exactly what the payment would then be.
- fill out the form with the term I was told over the phone and post the form.

It's all very easy and I've never had any problems.

dimbo61 · 22 December 2009 at 9:12PM

You could also put the figures in "whatsthecost" and play around with the term until you get close to what you want to pay
Say your term is 25 years and you pay £600 a month
Then if term is 20 years you pay £675 a monthy
then if term is 15 years you pay £875 a month
I reduced my term by 12 years and payment went up by £500 a month !

pawlala · 22 December 2009 at 10:06PM

where's whatsthecost? (is it .com?)

chirpchirp · 23 December 2009 at 12:54AM

Try putting brett mortgage calculator into google and it will bring you up a calculator where you can put the amount you want to pay each month and it will tell you how many months are needed to pay it off.

Daisy_Duck · 23 December 2009 at 5:53PM

SoozyJ22 wrote: »

I've changed my Nationwide mortgage term quite a few times.

Hi, thanks for replying

Another question for you if I may... have you ever extended your term again after shortening it?
If for example we take 10 years off but then decide after a few years that we'd like to add a few years back on, is this as simple as arranging to reduce the term or are we on the new shorter term forever?

DD

JonnyBravo · 23 December 2009 at 8:27PM

Daisy_Duck wrote: »

Hi, thanks for replying

Another question for you if I may... have you ever extended your term again after shortening it?
If for example we take 10 years off but then decide after a few years that we'd like to add a few years back on, is this as simple as arranging to reduce the term or are we on the new shorter term forever?

DD

It's fine with a few proviso's. Such as it won't take you past your retirement date etc.

SoozyJ22 · 23 December 2009 at 9:59PM

Daisy_Duck wrote: »

Hi, thanks for replying

Another question for you if I may... have you ever extended your term again after shortening it?
If for example we take 10 years off but then decide after a few years that we'd like to add a few years back on, is this as simple as arranging to reduce the term or are we on the new shorter term forever?

DD

When I first started doing this I sent them an online message from my account and they did confirm that I would be able to lengthen the term again if I wanted.

I've not done so, but I'm pretty sure the form says the only restriction on doing that is that it's not extended past the original end date.

I highly recommend sending them an online message to get all of this confirmed though - they're very good and usually reply within a couple of days.

littlemrtinkle · 23 December 2009 at 11:31PM

just reduced my term from the 23 years to 5 years Mental i know. I know it will be a hard slog but will be worth it in the end. My mortgage payment went from £550 to £1500 a month. And i plan to cover the increase through a combination of savings, extra money earnings (matchbetting, daily clicks, surveys, scratch cards etc) goodluck

pammyj74 · 23 December 2009 at 11:39PM

wow LMT thats an amazing amount to find each month from your original. Hope you dont struggle with that. Although it does sound good to only have 5 years left.
I reduced mine today from 21 to 14 so not a big a leap as yours but I am a single parent and so playing it safe! It only upped my payment by £127 which I know I can afford. Mine was with the halifax and I just rang them up and they did it over the phone, he also said I could extend it back again if I need to also with no problem.

Daisy_Duck · 24 December 2009 at 6:53PM

Thank you so much for your replies

I am feeling happier about calling now and will organise changing our term straight after Christmas. Will drop back to give an update!

Thanks again.

Wishing a lovely Christmas to all the MFW! :rudolf::snow_laug:santa2:

Changing the term of Nationwide mortgage

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