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Nationwide Overpayment Allowance
cii4ps
Posts: 72 Forumite
Nationwide's site mentions that all their mortgages (after 29th May 2013) have an overpayment allowance of "10% per annum of the original loan amount".
"Original loan amount" for me refers to the full amount you initially borrowed. My broker stated that this isn't always the case and it may be 10% of the amount left at the start of each year. Seems a bit strange to me. Can anyone confirm?
"Original loan amount" for me refers to the full amount you initially borrowed. My broker stated that this isn't always the case and it may be 10% of the amount left at the start of each year. Seems a bit strange to me. Can anyone confirm?
0
Comments
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10% annual overpayment allowance is based on the original loan amount and not the reducing balance.
original loan amount - is the full amount you initially borrowed
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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