Nationwide 10 year fix from 2006

tyllwyd

I wondered if anyone else had one of these? I've filed our mortgage offer safely away in the attic, but with all this talk about ditching the fix (which I am not going to do!) I've got an annoying feeling that I can't remember the terms of the early redemption charge. I know it is pretty high in the first few years (possibly about 3%?), but I had it in my mind that it comes down quite sharply later on. Does anyone else know, just to put my mind at rest?

Robert_Sterling_3

At present the ERC is 3% of the amount overpaid ( You can overpay £500 per month free of charge. )

P.S.

If you have a mortgage for say 25 years and after for example 5 years you move and increase your mortgage there is no ERC on the original mortgage. It is "transported" to your new property. If your new mortgage is for 25 years then your original mortgage will be extended, for technical reasons, so that both mortgages have the same termination date. Some good news is that you can over pay £500 per month on each of the two mortgages. GR8.