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Nationwide overpayments - getting them back?

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 :)
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Comments

  • 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!
  • roswell
    roswell Posts: 2,447 Forumite
    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 2012
  • Badgergal
    Badgergal Posts: 531 Forumite
    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.
  • cloud_dog
    cloud_dog Posts: 6,179 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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_dog
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Badgergal
    Badgergal Posts: 531 Forumite
    So the online thing doesn't allow you to make overpayments online or see the overpayments you've made?
  • skippy64
    skippy64 Posts: 219 Forumite
    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, Steve
  • Badgergal
    Badgergal Posts: 531 Forumite
    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...
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    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.
  • skippy64
    skippy64 Posts: 219 Forumite
    Badgergal wrote:
    Am considering getting a flexaccount when my free graduate overdraft expires with my current bank Natwest...
    The Nationwide has one of the best online sites that I use and I intend this year to now really overpay on my mortgage. I think it becomes an incentive to pay more especially as it shows daily on mine how much it increases in daily interest inbetween each monthly payment. On a seperate note I have my mortgage payment transfer across each month from my Flex account and if for any reason I didnt have enough in that day the payment doesn't attempt to go out and also no charge for it not being able to go out. Now I don't know if this is a fluke but it certainly has come in handy if monies are tight and I've then gone into branch to do a manual payment shortly after to make sure I'm up to date that month. Now that I can do it myself on the website I can make sure everything is AOK.
  • onestep
    onestep Posts: 893 Forumite
    500 Posts
    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

    onestep
    When people show you who they are, believe them the first time
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