No fee to close Nationwide Mortgage?

Financial_Savvy

Morning,

I am told when I ask the question with Nationwide that they will let you close a mortgage with no fees providing you have less than 10 years remaining when the mortgage product comes to an end.

They also tell me that you can make the overpayment to close the mortgage with no fee etc in the last month providing you tell them that is what the overpayment is for. (you could always overpay but a max of £500 each month).

Anybody else done this?

Gringot

Not sure which product you have, but next weekend we will be paying off our Nationwide mortgage 19 years early (woohooo!). We thought there would be a big fee for this, but when I asked it turned out to be £163, which is a lot less than paying interest for the next 9 years until we got into the no fee period. They were very helpful when I asked for a quote to pay the mortgage off. Suggest you go and ask them. Hope that helps.
xx

thriftmonster

We paid our Nationwide mortgage off after 12 years of a 25 year term and they charged us no fee. We just phoned up customer services in Northampton and got a redemption figure for the next day - you can do this as an incentive if you want even if you're not going tp pay it off.

keeperbear

I paid no fee when I paid off my Nationwide mortgage two years ago. However, I had to complain when it took them two months to send me an updated copy of the land registry statement. They also took an extra direct debit that left me in credit on my mortgage account. Idiots. When I complained, they couldn't care less about closing my mortgage in a timely manner.

inmypocketnottheirs

henautpresident75 wrote: »

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Spam. Reported.

Financial_Savvy

Gringot, sounds good just one point, if you get Nationwide to make the term less than 10 years there is no fee. This might save you £163..... I got them to reduce my term so the payments went up each month.....