overpayments

Savingup

Hi
New to this started to make overpayment to my nationwide repayment mortgage, have been in the past but have started again.

How are overpayments seen do they go straight off the amount or is there a element of interest and capital as with the mortgage payment?

I thought the overpayment came straight off the total outstanding?

Does it matter when the overpayment is made at the same day as the mortgage payment or after the mortgage payment.

Balance October 2013 £29052
Nov morg £275.68
Nov ovpay £100
Balance £28711.91

Balance December 2013 £28711.91
Dec morg £275.68
Dec ovpay £100
Balance £28391.10

Rate 2.5% 10 years left to go
Asked for repayments to stay the same

Thanks

stedwell

Hi
I overpay with the Nationwide and they will only take the money off if you pay £500 in one payment. Smaller payments, even if they total £500 in one month will only be credited at the end of the year statement. When I first started I paid £200 and then £300 in the first month. Nothing changed on my balance. When I rang up they explained that I had to make the payment all in one go. That is how it works for my account - yours may be different. Probably worth giving them a call.

Savingup

The overpayments are seen but it seems that out of £100 overpayment only £88 seems to be taken off the amount owing. I have spoken to branch staff who sy it should come straight off the balance hence the query.

HelenDaveKids

I find that when I overpay to Nationwide from my NatWest account there appears to be a day missing from leaving my account to arriving...

The best thing about Nationwide is the way you can watch the money come off via their website. You only get a letter with OP of £500 too.

Savingup

yes I find paying from Halifax with faster payments or bank credits it takes aprox3- 4 days to be credited to my nationwide mortgage acct;
I dont know why