Nationwide Overpayment

jimmyg_73 Forumite Posts: 29
Part of the Furniture 10 Posts Name Dropper Combo Breaker
I have an overpayment of approximately £5,500 in my mortgage account with Nationwide. The problem is, I'm not sure exactly what it's doing there or how it can help me. Do I have to tell Nationwide to apply it to my account?? I was previously under the impression that it would be lowering my payments or doing something useful. Now I'm not so sure.


  • MalMonroe
    MalMonroe Forumite Posts: 5,783
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Why not phone them tomorrow and sort it out?

    That's what I'd do anyway. 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • Schoolworker
    Schoolworker Forumite Posts: 497
    Sixth Anniversary 100 Posts
    Usually any repayment to nationwide over £500 reduces your monthly figure you pay to them or you can phone them to say that any big payments over £500 reduce the term of your mortgage. I have done this myself. I usually pay small amounts but have made 2 bigger payments and it’s on my file that the mortgage term will be reduced and then I get a letter indicating how much it’s reduced to several days later. I would speak to them and advise what you to do. 
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