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Will We Incur a Final Repayment Charge?
tesuhoha
Posts: 17,971 Forumite
We have two Nationwide mortgage accounts, both trackers, one is the main mortgage and the second is a further advance. They run concurrently. We have four years of payments left but have decided to overpay to reduce the remaining term to two years. The maximum we can overpay without penalty is £500 so the plan is to pay off an extra £500 per month off each account so we are overpaying by £1000 in total These overpayments will eventually pay off the mortgage but when we get to this stage does anyone know if we will be charged a final redemption fee?
The forest would be very silent if no birds sang except for the birds that sang the best
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You need to look at your Key Facts Document(s) for the answer to this one...ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270
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