Nationwide Overpayments

pollyanna24

This may be a pernickerty question, but one which Nationwide have been unable to answer.

If I want the monthly amount of my mortgage to reduce, is it £500 or over £500 (i.e. £500.01) that I need to overpay by?

Trying_to_be_good

I don't know, I always shortened the term but never paid exactly £500, I think. I'll check back, though, as I think the max overpayment in a month was £500 on my original mortgage with them instead of the current 10% annually of the original loan.

pollyanna24

Trying_to_be_good wrote: »

I don't know, I always shortened the term but never paid exactly £500, I think. I'll check back, though, as I think the max overpayment in a month was £500 on my original mortgage with them instead of the current 10% annually of the original loan.

Thanks. I suppose I could just put the extra penny on to make sure the term reduces, but just wondered if I could find out. They couldn't tell me on the chat feature on their website.

But then when I just tried asking again, they said £500 or over will make the payment reduce. So I have my answer. Just hope it's right.

colesy

I'm with Nationwide and overpaying. It's £500.00.

cs90

I was under the impression if you overpay by £500 or more, you can select if you want your term to decrease or your monthly payments to decrease.

What happens if you overpay by, say, £100? Or can you not do this?

pete-20-11

Yeah, there is an option on online banking

Thrugelmir

pollyanna24 wrote: »

If I want the monthly amount of my mortgage to reduce, is it £500 or over £500 (i.e. £500.01) that I need to overpay by?

Why not simply pay £501. The NW call centre operative probably had better things to do with their time.

Baby_Angel

You can overpay by any amount but if you want to reduce the amount or term (you can select) then you will have to over pay at least £500.