Ex-Portman Mortgages with Nationwide & Overpayments

ElusiveLucy

I've been trying to sort my mortgage out recently, which was one I took out with Portman in 2001. I wanted to start overpaying to bring the term down.

I was initially told by someone on the phone that I was limited to £500 per month OP. To cut a long story short, and after exchanges of many messages on the website, I phoned them again today and the girl I spoke to said that I could in fact make unlimited overpayments :cool:. She had confirmed this with their specialist team who deal with ex-Portman mortgages.

So, if you are in the same boat, it could be advisable to question the facts if they say you are limited to £500 a month OPs.

Thrugelmir

Lloyds have recently lifted their overpayment restictions on variable rate deals allowing borrowers to repay by up 20% per annum.

All in attempt to reduce the amount of debt on their books.

ElusiveLucy

I was a bit pee'd off with Nationwaide as after they had told me the max OP was £500 a month I then decided to reduce the term of my mortgage by 5 years to allow me to pay more off each month. If I had been told I could make unlimited OPs when I first asked then I would have left the term as it was (in case my situation change sin the future) and just OP'ed more when I could afford it. I was also tryin got avoid their chagres from 1st Sep to change the term of the mortgage. I suppose I could change it back to 25 years, but I really can't be bothered at the moment. Hopefully I will be able to keep up with the revised replayments and still pay off £500 OP each month. At elast now I know I can make a lump sum OP if I feel like it in the future.

golfiematt

i dont know wether your mortgage is the same as ours but we can draw back our overpayment pot if our circumstances change and so dont need to worry that reducing the term may affect us in the future if one of us is made redundant etc.