Nationwide rate switch - when do they calculate new monthly payment?

ac198179

Hi,

My current fixed rate with NW ends on 31 March, I've applied for and they've approved a rate switch from 1 April. Also, my monthly payment direct debit comes out on the 1st of every month. At what point will they calculate my new monthly payment amount? I assume it must be in March some time so that they know the new payment amount to request for my 1st April direct debit? I'm trying to figure close to the end of March I have for making overpayments in order to decrease my new monthly payment amount.

Thanks.

dimbo61

Have you been given the new higher payment yet ?
With the new rate starting from the 1st of April and your payment date being the 1st of the month I am guessing that it should be very very close to the new monthly payment.
If you have a spare 10% to overpay or any other amount I am also sure this will help reduce your monthly  payment but may take a month to be credited  to your balance