Paying off Mortgage or keeping savings



  • SmileyG_2SmileyG_2 Forumite
    359 Posts
    Hi gillian46

    If I can add a point.

    Now you are on the Nationwide BMR, there is no limit on what you can overpay on the mortgage.

    I would then check with the Nationwide that these count as overpayments because I believe that any overpayment that you make is effectively available for you to borrow it back at any time

    Quote from the Nationwide website:-

    "If you have a variable rate mortgage the amount you pay may move up or down

    The Base Mortgage Rate (BMR)

    Customers with deals reserved on or before 29 April 2009 revert to the variable Base Mortgage Rate (BMR), our Standard Variable Rate, for the remainder of the mortgage term

    The interest rate of our BMR product is currently 2.5% and amongst the lowest standard variable rate of all major high street lenders

    If you choose to switch from the BMR to a new Nationwide mortgage product, it will not be possible to switch back to the BMR.

    This product has unlimited flexibility so you can overpay by as much as you like, when you like
    You can borrow back the money that you have overpaid at any time"

    Target acheived: _party_ Mortgage offset in June 2012!_party_
    Mortgage = -£98
    Endowment = £0
    Investments = £40,247
    [STRIKE]Deficit[/STRIKE] / Surplus = £40,149(at 22/09/2017)
    "Don't spend then save, save then spend!"
  • You both have very good points here, I had completely forgotten that I could overpay as much as I liked and still get it back if I needed to and the regular saver at Halifax is a very good rate at the moment.
    There's a lot of very interesting idea's here, that's going to take a while for me to figure out the best one for me.

    Anyone else has any other suggestions.


    :j [/COLOR]
    01/07/03 £115,000 original mortgage completion date July 2020
    2/07/10 £63657 MFD now 12/2014 five years seven months early :j
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