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Nationwide overpayments - getting them back?
Badgergal
Posts: 531 Forumite
Hi all,
Just wondering if anyone had an experience where they made some overpayments on their Nationwide mortgage, then needed the money back later - I know you are allowed to get overpayments back, but how quickly can you get hold of them and is it an easy process? Thinking of it but don't like the idea of the money being locked away should I need it later.
thanks
Just wondering if anyone had an experience where they made some overpayments on their Nationwide mortgage, then needed the money back later - I know you are allowed to get overpayments back, but how quickly can you get hold of them and is it an easy process? Thinking of it but don't like the idea of the money being locked away should I need it later.
thanks
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Comments
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We have just today paid a large sum of money to towards our morgage and was assured by nationwide's financial advisor that if we need to take some of the money back at any stage we should inform them and they will organise a cheque from the morgage dept. He did not give a specific time scale but it all seemed very easy. The big advantage is that we are now on track to pay off our morgage 5 years early and will save a substantial amount of interest (£20,000 approx based on todays rates) as long as we continue as we are at the moment and make the overpayments . We felt reassured that we could get our money out quickly should we need too. You are only benefiting yourself the longer you leave the overpayments in your account in the longterm, saving interest and shortening your length of morgage.
Hope this helps
Correct me if I wrong!0 -
Contact your morgage supplier and ask them if they can issue with a cheque book linked to your morgage, Thats the easiest way.If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
Thanks. I have applied to register for online banking with Nationwide so I can see my mortgage online, hopefully that will also throw some light on how easy things will be for me.0
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Badgergal wrote:Thanks. I have applied to register for online banking with Nationwide so I can see my mortgage online, hopefully that will also throw some light on how easy things will be for me.
Been a little while since I last loggd in but it just shows mortgage payments and interest debited, and a running o/s balance. The Annual Mortgage Statement does show how much 'overpayments' you have accrued.
I know it doesn't answer the original question thou
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
So the online thing doesn't allow you to make overpayments online or see the overpayments you've made?0
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On my Nationwide Mortgage online page I can clearly see all the transactions/payments made. Up until recently if I wanted to make an overpayment I went into the branch to do it as on the website you couldn't set up a transfer or payment from the Nationwide flexaccount, you could only use the transfer/payments facility for paying bills/credit cards or transfers to eSavings account.
Recently however I have noticed that they have updated the site and it now allows you to transfer monies from flexaccount to my mortgage account. I don't know about transferring monies from mortgage to flex account though, I've never checked that side out. From the sounds of it from what you have been told I presume if you have made overpayments it is possible by the way the Nationwide has stated. Hope this helps, Steve0 -
Thanks I have just been on the phone to them to try and clarify this. Apparently it takes 10 working days to get your money back; I have to write a letter signed by both me and my mum (who is on my mortgage) and they will send me a cheque or put the money in the flexaccount if I get one. Am considering getting a flexaccount when my free graduate overdraft expires with my current bank Natwest...0
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From a search of Nationwides site using the word 'reserve' and under the question 'Can I Make Overpayments'.BORROWING FROM YOUR MORTGAGE OVERPAYMENT RESERVE:
If you have already made previous overpayments and wish to borrow back money from your reserve, please confirm how much you would like refunded via this secure messaging facility. If the amount you require is up to the normal monthly payment and you pay by direct debit, we will refund money back to the account it came from within 3-5 days. Otherwise, the money will be refunded by cheque.
Please note, if you have a joint mortgage and you require a refund that is larger than your normal monthly payment, this will be issued by cheque (made payable to all the people named on the mortgage). In this instance, we require a written and signed request from all the people named on the mortgage sent to the Customer Service Team (at the address above).
Following an overpayment refund, the balance of the mortgage will rise by the amount you have borrowed back and interest will be charged on the higher balance. Your monthly mortgage payment will also be adjusted based on this
I hope this helps. Just phone the Nationwide for more information on
08457 30 20 10.
J_B.0 -
Badgergal wrote:Am considering getting a flexaccount when my free graduate overdraft expires with my current bank Natwest...0
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hello
We have a Nationwide mortgage, and recently got back some of our repayments to do some double glazing. The whole process took about 3 weeks, and was very staightforward. We did ours through our branch - staff were very helpful.
HTH
onestepWhen people show you who they are, believe them the first time0
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