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Overpayments
Comments
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Personally I would always reduce the payment. This way, if something happens you have a buffer. And if you continue to overpay, you pay off even more. The end effect is the same I believe.0
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You are on a tracker and can therefore make unlimited overpayments but should you take a FIX with Nationwide I think they only allow £500 a month overpayments each month.
You do not give the LTV or value of the property now but if you want long term security have you considered a long term fix ? or Offset FIX?0 -
Changed to 10% of original loan amount in May, for new mortgages. £500 per month still, for old ones.should you take a FIX with Nationwide I think they only allow £500 a month overpayments each monthyI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'm really just looking for the best deal.....I really want to pay off my mortgage as quickly as possible. I may not get there but at least when I make overpayments it will theoretically increase my equity position.
The chances of me making regular overpayments above £500 are slim to none so looking at just finding the best deal for my circumstances - offset had been mentioned to me previously.Mortgage when started October 2011 : £94,134
Total mortgage balance Mar 2016 [STRIKE]£78,417[/STRIKE] [STRIKE]£77,523[/STRIKE] [STRIKE]£76,181[/STRIKE] £72,001
Offset Saver account Mar 2016 [STRIKE]£45,238[/STRIKE] [STRIKE]£45,666[/STRIKE] [STRIKE]£47,593[/STRIKE] £52,093
Mortgage paying interest on Mar 2016 [STRIKE]£33,179[/STRIKE] [STRIKE]£31,859[/STRIKE] [STRIKE]£28,588[/STRIKE] £19,9070
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