quickest way to overpay

lkmc01

Hi

I have a fixed nationwide mortgage and would like to make the occassional small overpayment. These are the possible ways I can do this -

How to overpay

You can overpay regularly each month or make one-off payments. Any money you overpay is deducted from your balance immediately and the interest on your new balance is charged the next working day.
By standing order: simply ask your bank to increase the amount you wish to pay
By cheque or cash: visit any of our branches, or post a cheque to us.
Make your cheque payable to Nationwide Building Society, followed by your name and mortgage account number and send it to:
Nationwide Building Society, Mortgage Servicing, King's Park Road, Moulton Park, Northampton NN3 6NW.
Online: If you are a FlexAccount holder, you can make overpayments online.
Call us: on 0800 030 40 49 to make a one off payment or to amend your existing Direct Debit.
Payment details




To make payments into your mortgage directly from a bank account, you will need to quote the following details:

• Sort code: 070094
• Account number: 44444445
• Reference number: Your mortgage account number

I made a payment on Friday 7th by using the option to pay directly from my Natwest bank account, but it has only today shown in my mortgage account.

When I have the money and I want to use it towards an overpayment into Nationwide do you know which is the quickest way to get the money into my mortgage account? I am not a Flexaccount holder.

Would cash in branch or a phone call be any quicker?

Thrugelmir

Branch or phone obviously.

KarenBB

As they only take payments over the phone if your account is in arrears the fastest way would be going into the branch. Great if you happen to be near one on the day you have the money but I wouldn't have thought it would be worth a special trip for a couple of days interest on the amount you overpay by. It will have taken a little longer due to the weekend

hillcats

Surely it would be quicker to have their current account then you can just transfer from one to the other instantly (usually)

lkmc01

Ok, thanks. I will go into branch in future as I pass one every day. I'm so used to BACS instant transfer now.

TrickyDicky101

I'm with Karen on this one - the time taken to queue up at the branch to make a payment would wipe out any interest savings I might make:

Say your overpayment if £500, your rate is 5% and it takes 5 days to clear (3 days permitted time with BACS + 2 weekend days) then that will cost you 34p. That's over the internet which takes me 30 seconds to arrange.

Alternatively, take out cash from ATM & go into branch, queue up for a few minutes, pay cashier and make swift exit. That's got to be 10 minutes from your life (more if you have 000s in front of you).

No brainer for me!

AMILLIONDOLLARS

Transfer between Current Account and Mortgage Account, can be done via internet banking no hassle at all.

AMD