Nationwide won't allow me to leave £1 on my mortgage

happyshopper

Thanks Fly Guy, I'll certainly consider that next time (if there ever is a next time).

Fly_Guy wrote: »

Although its too late for you now, this is an aspect of Offset Mortgages that I personally find very appealing.

Put value of outstanding mortgage into offset account, set payments to the minimum possible and have them drawn from the offset account. Your mortgage is effectively paid off and is costing you no interest but you can withdraw cash instantly at the interest rate currently applied to your mortgage.

This is my plan as I try to become mortgage 'free' anyway...

FG

ViolaLass

kingstreet wrote: »

The option to re-borrow overpayments ended in March 2010 as well.

All part of the tightening of criteria to prevent people being able to borrow without affordability checks.

My Nationwide mortgage, taken out this year, allows me to reborrow overpayments. I checked specifically.

Thrugelmir

ViolaLass wrote: »

My Nationwide mortgage, taken out this year, allows me to reborrow overpayments. I checked specifically.

Are there conditions attached?

ViolaLass

Thrugelmir wrote: »

Are there conditions attached?

If it's less than a monthly payment, then I can get it back online, if it's more, I get a cheque and it can take a few days. Other than that, I don't think so.

kingstreet

ViolaLass wrote: »

My Nationwide mortgage, taken out this year, allows me to reborrow overpayments. I checked specifically.

Just going off what the NBS criteria says;-

http://www.nationwide-intermediary.co.uk/products/flexible_benefits/flexible_benefits_for_existing

ViolaLass

I see. It doesn't say what changes came in after that date though, and maybe it affected mortgage holidays, which I didn't look at.

pencekeeper

Had my Nationwide mortgage for years, and had a £1 balance for 3 years now.

Just received a letter telling me they are going to close it.

We originally set up the Nominal Balance scheme to provide storage for your paper deeds which show ownership of your property. However, your deeds are now held electronically by the Land Registry. As the member benefits of this scheme have redcued over time, we've taken the decision to close it.

Yeah right. Thanks a bunch.

fewcloudy

pencekeeper wrote: »

Yeah right. Thanks a bunch.

Are you somehow negatively affected by that, I don't understand?

Brighty

ViolaLass wrote: »

My Nationwide mortgage, taken out this year, allows me to reborrow overpayments. I checked specifically.

I have 2 nationwide mortgages, 1 taken out in 2002 on a property i now let, and one on my current home taken out a few months ago.

I have used the 'borrow back my overpayment pot' facility on the old mortgage twice now, the most recent was under a year ago and i was under the impression that as the deal was taken out before 2010 i could carry on doing it whenever i like.

The new mortgage taken out this year, i was specifically told that this feature had been removed from any new mortgage after 2010, so cannot have that feature, although i can still take a payment holiday up to the amount of the overpayment pot.

Brighty

dunstonh

pencekeeper wrote: »

Had my Nationwide mortgage for years, and had a £1 balance for 3 years now.

Just received a letter telling me they are going to close it.

Yeah right. Thanks a bunch.

Seems logical and common sense. Dont know why you have an issue with that.