Nationwide Loan - Changing Monthly Payment

MustStopSpending

Here's the scenario:

Loan of £11,733.49 @ 6.40% over 7 years
Total amount payable £14,502.60
Monthly payment £172.65 - First payment taken March 2006

Can I increse my monthly direct debit amount or will there be a charge for this? Will this mean I'll have to pay early repayment fees?

Paperwork says that early repayment fees are:

Term expired (months) Amount
21 £796.87
42 £559.49
63 £295.04

Thanks!

LisaT186

Nationwide usually let you overpay by up to £500 per month with no penalty payment. To do this you just set up a standing order for a regular overpayment, they will only Direct Debit the normal mortgage payment. Best thing to do is to check your offer or give them a call to double check that this is applicable to your product and ask for the details (bank sort code, account number and ref) to set it all up.

MustStopSpending

LisaT186 wrote: »

they will only Direct Debit the normal mortgage payment.

Is this the same for a loan?

Thanks