Overpaying mortgage with Nationwide

27 Posts

Just taken out my first mortgage and want to start overpaying.
Currently pay 500 a month and would like to overpay another 200 a month. I'm on a 2 year fixed rate of around 3%.Does anyone know if I overpay will it reduce the length of the loan? I don't wish to overpay just so next months payments are cheaper.
Basically what I'm saying is if I keep overpaying will I get to finish my 2 year deal with nationwide early,say 18 months for example so I can start a new better deal?
Currently pay 500 a month and would like to overpay another 200 a month. I'm on a 2 year fixed rate of around 3%.Does anyone know if I overpay will it reduce the length of the loan? I don't wish to overpay just so next months payments are cheaper.
Basically what I'm saying is if I keep overpaying will I get to finish my 2 year deal with nationwide early,say 18 months for example so I can start a new better deal?
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You want them to take it off the term of the loan but they may reduce your payments instead. You can ask them to change it but this won't affect the term of the deal you have
Mortgage Oct '17: £305,399
Daily interest at start: £38.23
Daily interest Sep '17: £12.09
You should check what overpayments are allowed as well.