Nationwide 'borrow back' facility - Fast and painless

uzubairu

Just wanted those of you who have a Nationwide mortgage with a 'borrow back' facility to know how easy the process has been to get some of our money back before we re-mortgage.
We wanted £2,750 from our Overpayment Reserve.

Posted the letter to Nationwide on Monday morning (1st Class standard mail).
The money is now in our First Direct current account on Thursday morning. :j

In the letter we stated the following:-

1. Mortgage account number
2. Mortgage account holders name(s) and date(s) of birth
3. Account we would like the money to be paid into (bank, sort code and account number)
4. We both signed and dated the letter.

The letter was sent to the following address:-
Nationwide Building Society
Moulton Park
Northampton
NN3 6NW.

Given the fact that the earliest they would have received the letter was Tuesday, it was extremely quick and painless with no forms to fill out and we can use the money today. :T

I hope this helps someone else who has the same type of mortgage.

cha97michelle

Thanks for the information. I always thought it took a couple of weeks. In fact, we know someone who it did take a few weeks for, so it is useful to know someone elses experience, just in case we ever need to. That is as quick as getting from a savings account then.