whats best ?

duncan320

Currently have mortgage with Nationwide (will check rate later) its a 5 yr deal and i am about 2 years into it now. The mortgage is for apx 30k. Now the question is soon i will be in a position to have 10k spare, and would like to use it to reduce the mortgage. Is it worth doing it ? If i ask Nationwide they will tell me what they think, but what is best ? Also, can i or is it worth asking if i can reduce the payments by pay more off it each month ? or will they have to change the rate etc ? this is in addition to the 10k pay off.

Thanks

dimbo61

Nationwide allow you to overpay by £500 a month ( give them a ring to confirm this) then set up a direct debit to Overpay be the £500 a month.
£6000 used up in one year and the rest over the next 8 months
No ERC,s and mortgage free much sooner saving you thousands in interest.

duncan320

Thanks very much for the info, i will give them a call next few days and confirm this with them, sounds like a good idea to me.

Duncan