Nationwide interest rate calculation

Tykva

Hello everyone,


we have a mortgage with Nationwide. We plan to make overpayment 10% fine free overpayment on it. To schedule the righttiming where in the mortgage documents exactly should i check how the interest rate is calculated - yearly, daily, etc? when we applied we asked for a daily calculation mortgage but what have we actually got is a bit unclear. Thank you.

ACG

It is usually daily interest with nationwide but just give them a call and ask. It should be simple enough.

kingstreet

Page eight of the offer. Point 1 of T&C;-

We calculate interest on the debt outstanding at the date of the advance, the last year end and on each occasion when capital is repaid during the year, at the rate applicable to the account. Interest accrues each day and is payable through your monthly payment. Payments of capital included in your regular monthly payment and/or overpayments will reduce the amount on which we charge interest from the day after payment.