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Quick Nationwide Question please...

LEWKI
LEWKI Posts: 121 Forumite
in Mortgages & endowments
Morning

I have circa £50k on overpayments against my Nationwide Mortgage. I had a 5 year fixed rate that ended last September so I am paying the 2.5% rate. I am looking to take £25k back in 1 lump sum.
I want to take some overpayments back to invest elsewhere. My questions are:

1. What are the rules - can I request any amount of my overpayment back?
2. Does this affect my 2.5% rate that I am currently paying?
3. How much notice do I need to take money back?

I have no other debt only my mortgage. House woth approx £325k and my mortgage is currently £88k. If I took 25k back my mortgage would increase back up to £113k

Any help gratefully received

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Give them a call.
  • LEWKI
    LEWKI Posts: 121 Forumite
    Thanks Thrugelmir - just did lol. Write them a letter, get it signed by myself and my wife. Tell them where to put the money and it should take 5 working days
  • HarrowArrow
    HarrowArrow Posts: 6,167 Forumite
    Just remember that if you go fixed you won't be able to change your mind and overpay the 25k again. Though whilst on BMR everything is still nice and flexible with them.
This discussion has been closed.
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