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Nationwide overpayment advice
firsttimebuyer2017
Posts: 27 Forumite
Hi
We have £45,000 balance remaining on our Nationwide mortgage and £15,545 in overpayment reserves. In a year we are due to remortgage and l intend to put down an additional £20k to negate the impact of what will inevitably be a higher rate.
By that stage the overpayment reserve will be around £19k. What happens in the scenario that our overpayment reserve is equal to or greater than the remaining balance?
Apologies for my ignorance on this and thanks in advance for anyone who can offer any insight / guidance.
AP.
We have £45,000 balance remaining on our Nationwide mortgage and £15,545 in overpayment reserves. In a year we are due to remortgage and l intend to put down an additional £20k to negate the impact of what will inevitably be a higher rate.
By that stage the overpayment reserve will be around £19k. What happens in the scenario that our overpayment reserve is equal to or greater than the remaining balance?
Apologies for my ignorance on this and thanks in advance for anyone who can offer any insight / guidance.
AP.
0
Comments
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With my NW statement in the Notes it states that "This is how much you have overpaid your mortgage by and has already been taken off the balance". Do you have an equivalent statement? Assuming it's the same then you still owe £45k currently and after a £20k additional overpayment you will still owe £25k.
What else did you expect to happen?0 -
Ok thanks for the input. Didn't really have any expectation on what would happen was just curious.TrickyDicky101 said:With my NW statement in the Notes it states that "This is how much you have overpaid your mortgage by and has already been taken off the balance". Do you have an equivalent statement? Assuming it's the same then you still owe £45k currently and after a £20k additional overpayment you will still owe £25k.
What else did you expect to happen?0
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