mortgage overpayment amount - natwest

Hi Guys,

Have put a thread somewhere else, doesn't seem to get much response, and I am gonna try my luck here..

I've been calling Natwest asking about overpayment issue, those idiots just keep giving me different answers, and complete waste of my phone bills.. Anyway.. .

We've overpaid 19k last week, and received a letter specifying the reduced monthly payment, which is fine, detailed that we've outstanding balance the same as when we completed.. BTW, we completed at the end of last month, and first payment is due on 1st Nov.

I called Natwest again, asking to reduce the term instead, fine, they sent me another letter.. and recalculated the repayment amount, however, the oustanding balance of the mortgage has since increased by around 800 pounds ish.. We don't understand, and called Natwest and asked about it. They obvious were VERY IMPATIENT , can't be bothered to explain it CLEARLY TO ME in their strong Birmingham accent.. I am perfectly fine with their accent, just their attitude of repeating themselves, and contradicted language really !!!!ed me off .. !!!..

Anyway, their explaination is, that extra 800pounds ish is the interest, as we haven't paid our first payment yet, that's the extra interest.. what I don't understand is, clearly , the extra so called interest shouldn't included in the mortgage balance amount !!.. right ?

Anybody got any idea pls pls pls.. dealing with Natwest is really pain in !!!.. We've paid a huge fortune on those 087 number !!!..

Thx guys :-D

Replies

  • dunstonhdunstonh Forumite
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    the extra so called interest shouldn't included in the mortgage balance amount !!.. right ?

    They may have to close the mortgage and reopen it to adjust the term. In which case adding the interest to the mortgage accrued to date would be correct.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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