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Nationwide Overpayments and Borrow Back
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sunnyjim1234
Posts: 41 Forumite
Hi,
I am looking for some information regarding Mortgage over payments and borrow back.
I am currently on Nationwide's BMR and apparently have the facility to over pay and borrow back. I am contemplating making a large over payment to save 2.25% interest on the sum over payed. Then borrowing back in a couple of years when the money is earmarked for something else.
Does anyone here know if Nationwide will have to revisit the Mortgage affordability criteria before allowing the borrow back?
Thanks in anticipation
Jim
I am looking for some information regarding Mortgage over payments and borrow back.
I am currently on Nationwide's BMR and apparently have the facility to over pay and borrow back. I am contemplating making a large over payment to save 2.25% interest on the sum over payed. Then borrowing back in a couple of years when the money is earmarked for something else.
Does anyone here know if Nationwide will have to revisit the Mortgage affordability criteria before allowing the borrow back?
Thanks in anticipation
Jim
0
Comments
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No. Borrow-back is a simple "on demand" option requiring no affordability or status checks to those who retain the facility (pre - 4 March 2010 mortgages IIRC).I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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