Paying Lump sum off Part Interest Only Part repayment Mortgage, plus remortgage question

timg147

Hi All,
I have a question, I have a Nationwide mortgage on a part interest only Part repayment basis. I had an Endowment / Critical accident policy that has recently matured. I am in a position to repay the Interest Only part of the mortgage and some of the repayment part. I know I can make overpayments by online banking. My question is should I call nationwide in person and specify that I want to pay off the interest only part of the mortgage first?

Additionally I need to remortgage as I am on the standard rate (yes I know!!!). Is there much difference between lenders at the moment? I think I will be looking at maybe 14% loan to value. Are the Nationwide competitive on mortgage at the moment?

Thanks In advance.

K_S

@timg147 If you're not sure how overpayments are allocated, you should most definitely call Nationwide and confirm before making it.

Nationwide PT (product-transfer/product-switch/rate-switch) rates available to you may or may not be the "best" rate in the market at the moment but will almost certainly be very competitive.

To get a very very rough idea of what the difference is, you can look at the whole of market rates potentially available here https://www.moneysavingexpert.com/mortgages/best-buys/ and compare that to the Nationwide PT options you have.

For the Nationwide PT options you can check online on your mortgage account, call them or check on their portal here https://tools.mortgages.nationwide.co.uk/product-rates/find-rates

timg147

hi @K_S Thanks for your reply. I haven't had chance to call them yet. I work fairly long hours (longer than Nationwide anyway) but I did do a chat session with them and they confirmed that I will need to call them to pay as I require.