Paid off mortgage with Nationwide, final statement? Overpaid by £58.

norm_

Hi

I paid off my mortgage end of January. The last payment by direct debit (£58) was still made, thus putting the mortgage in credit.

At the beginning of Feb I received a letter telling me the mortgage had been paid and would be closed.

I expected some kind of final statement but haven't received anything.

Also the £58 I paid, is it likely the case Nationwide have considered this to be part-payment towards the £65 exit fee?

Thanks

Spies

Yes it will likely be taken off the final fees. 

norm_

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Spies

Best to call them, nobody really knows except your lender 

BoGoF

norm_ said:

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Why do you think they might have waived the fee?

You are also going to have further costs for them to discharge the security

Kat78MFW

We had exactly the same but it was only £8ish in our case. I had to ring and speak to someone at Nationwide and initially the customer service agent reckoned they didn't owe us anything. But I was certain that we had overpaid a little so I asked them to explain it to me again. Then she checked with a supervisor and came back and agreed with my figures. I got a refund back yo my account.

norm_

BoGoF said:

norm_ said:

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Why do you think they might have waived the fee?

You are also going to have further costs for them to discharge the security

Well the exit fee is £65 as quoted on the website.

So having only paid £58 I'm guessing they waived the additional £7, as I've already received a letter confirming closure of the mortgage/release of the property.

What I'm missing is a statement detailing any of this.

jrawle

I paid off my Nationwide Mortgage in November. I didn't receive a statement, just a letter saying it had been paid off. A little bit of an anticlimax, I thought!

In my case, there were no fees as the term had less than 10 years remaining. Also, I phoned up a couple of weeks before to check the exact redemption figure for the day I planned to pay it off. Did you do this? The redemption figure includes any redemption fee (£65) or ERC if relevant, so the figure they will have given you should already include this. However, they may also take into account the fact that they were going to take another direct debit payment. I deliberately chose a date in the middle of the month to avoid this conundrum, but then the lady on the phone cancelled the direct debit for me anyway when I assured her I was going to pay it off.

The account disappeared from online banking the very next day, so you can't even log on to check it that way!

ACG

BoGoF said:

norm_ said:

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Why do you think they might have waived the fee?

You are also going to have further costs for them to discharge the security

That is what the exit fee is for. 

BikingBud

norm_ said:

BoGoF said:

norm_ said:

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Why do you think they might have waived the fee?

You are also going to have further costs for them to discharge the security

Well the exit fee is £65 as quoted on the website.

So having only paid £58 I'm guessing they waived the additional £7, as I've already received a letter confirming closure of the mortgage/release of the property.

What I'm missing is a statement detailing any of this.

Seems a little bizarre that it just fizzles out!

Did you ask for a settlement figure and pay this?

Or was it just end of term?

In the same manner that I get an annual statement I am expecting that a final statement will be produced, itemising monthly interest, monthly payments, monthly capital reduction etc, anything else seems inadequate.

But as we see on this board regularly differing lenders do things differently.

norm_

BikingBud said:

norm_ said:

BoGoF said:

norm_ said:

Spies said:

Yes it will likely be taken off the final fees. 

Somewhat annoying, because I'm wondering if they might have waived the exit fee altogether had the last DD payment not gone out.

Why do you think they might have waived the fee?

You are also going to have further costs for them to discharge the security

Well the exit fee is £65 as quoted on the website.

So having only paid £58 I'm guessing they waived the additional £7, as I've already received a letter confirming closure of the mortgage/release of the property.

What I'm missing is a statement detailing any of this.

Seems a little bizarre that it just fizzles out!

Did you ask for a settlement figure and pay this?

Or was it just end of term?

In the same manner that I get an annual statement I am expecting that a final statement will be produced, itemising monthly interest, monthly payments, monthly capital reduction etc, anything else seems inadequate.

But as we see on this board regularly differing lenders do things differently.

I paid off the remaining sum of the mortgage January 20th, so I was expecting the DD to recalculate itself to £0 for the February 1st payment, as had happened in previous months.

No I didn't go through the formal process of requesting a redemption figure. I knew there were no ERCs to pay as it was a tracker mortgage.

I spoke to Nationwide via online chat who said a final statement was sent, not that I've received it, and they have issued another. But I question whether they sent one at all because another poster in here said they didn't receive one either.