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Nationwide making it difficult to finish paying mortgage

Hi, I have just made the final payment on my mortgage! However, I am still repaying a further advance, taken out on a 5 year fix, same property. I have 4 years left on the fix with 9 years remaining on the term of the loan.

As I now have the excess cash from my main mortgage available every month i’d like to pay this to the further advance to pay it off ASAP. I can make a 10% overpayment a year which is also what i’ve been doing. I contacted Nationwide to ask them to reduce the remaining term on the further advance to 4 years, and therefore increase my repayments and they have responded by letter:

Thanks for your recent application to make a change to your mortgage. Unfortunately we can’t proceed with the change you’ve requested for the following reason(s):
The change you’ve asked for means that your main mortgage would end before your twin or further advance mortgage, and this isn’t allowed under our lending policy.

I would have thought Nationwide would be pleased that I am being responsible and clearing my debts. Plus due to the natural progression of the mortgage it was always going to be cleared before the further advance. I don’t understand, can someone please explain what they mean.

Thanks

Comments

  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Maybe even though your main mortgage is paid off it still sits their because of the further advance and has the original terms. Maybe the question you need to ask is to reduce your mortgage and further advance to 4 years. I would just give them a call.
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • Thanks, that’s what I did ask Nationwide by way of online application and that’s the response I got. I’ll give them a call tomorrow! Could be “the computer says no” and I just need to speak to someone to make it clear.

    Thanks
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