Nationwide BMR - Overpayment Borrowback

ajsexton

Hi,

Currently have a mortgage on nationwide BMR, so nice 2.25%. Currently have a small amount of savings that might get used to replace our oldest car in the next couple of years, (the longer the better)

How easy and quick is the borrowback to do and do they ask any questions as to why?

My thinking is can I put in say 8K and ask to keep paying my usual amount in, and then if needed a year from now say "can I have that 8K back please" and have effectively saved 2.25% of 8K in interest without any downside?

Thanks

TrickyDicky101

I recently borrowed back £60k on my BMR sub account (to pay down my SVR sub account when out the fix at the end of July). It took a phone call with from both my wife and I to confirm who we were and the intention for the borrow back was asked, but that was it. The £60k was delivered within 5 days.

chelseablue

When did you take out the mortgage with Nationwide?


As they stopped offering the borrow back facility on new mortgages taken out after 4 March 2010

ajsexton

Our mortgage is on the BMR, its was in early 2008 when it started