Nationwide Mortgage

starM

Hi,

I have a Nationwide Mortgage which at the moment I am overpaying by £500pm. It is a fixed mortgage which will end in June 2016.

Hopefully I will be able to pay the full outstanding balance by June 2016.

Regarding redemption figure - Is it possible to obtain that in branch and then pay by debit card?

Thanks
MS

ACG

You would need to check with nationwide but I doubt it.

Your over a year away, anything could change between now and then.
Just call them up a week before your mortgage finishes to get the redemption figure and then do a faster payment or chaps for the amount you need. Redemption figures are only valid for a week or so anyway so looking into this now is a little premature.

lucie_1985

You can get to a ball park figure using your last mortgage statement and excel, which is what I do. Using assumptions, i.e. 3% rate, 25 year term (from today), £100k outstanding and £500 monthly overpayments you would need to pay £88,945 in June 16 to clear the debt.


This is on the basis that per the terms of a Nationwide mortgage if you overpay by exactly £500 per month the interest amount is reduced from the following month - which I'm sure is why you're doing it!