Nationwide Overpayment

jimmyg_73

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

Why not phone them tomorrow and sort it out?

That's what I'd do anyway. 

Schoolworker

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.