Help understanding how much is left to pay on my mortgage please - Nationwide

Clueless56

I recently re-mortgaged with Nationwide and am struggling to understand the online account screens, and therefore how much total capital remains to be paid off. 

I have made a couple of overpayments in excess of £500 and received a letter each time confirming by how much these had reduced the mortgage term.  However, I also make monthly overpayments of £300.  

The main part of the online statement only shows the minimum monthly payment and gives an end of month balance of £82,195, but there is also an overpayment reserve containing £2,900.  Can anyone tell me how much I have left to pay in total?  Is it £82,195 or £82,195-£2,900 ?

Their chat bot couldn't understand my question, despite me trying to frame it in various ways.

Flugelhorn

I presume it is 82195-2900 but the 2900 hasn't been taken off the total and is being kept as a reserve

Clueless56

Thank you @Flugelhorn - is that from experience of being a Nationwide mortgagee?  Despite Nationwide's assurance 'you're in control of your overpayments' I don't even feel informed, let alone in control!

theoretica

Compare with last month's statement.  Has the balance gone down by your whole payment (less interest) or by £300 less than you would expect?

Officer_Dibble

I used to have a Nationwide mortgage - I think it's £82,195 owing. They knock the overpayment off the total when you make it, but keep a record of overpayments as the reserve in case you underpay in future.

Clueless56

theoretica said:

Compare with last month's statement.  Has the balance gone down by your whole payment (less interest) or by £300 less than you would expect?

Thank you, I would but there is no last month's statement or history.  Nationwide just seems to do these online snapshot things and then send an annual paper statement, as far as I can tell.

Flugelhorn

Clueless56 said:

Thank you @Flugelhorn - is that from experience of being a Nationwide mortgagee?  Despite Nationwide's assurance 'you're in control of your overpayments' I don't even feel informed, let alone in control!

No I have never had a Nationwide mortgage but have had mortgages with reserve accounts:

Nationwide explain yours here https://www.nationwide.co.uk/mortgages/existing-mortgage-members/overpayment-reserve/

looks like you option to reduce payments or reduce the term but suspect you have to discuss the specific options with them

Officer_Dibble

Again it's a distant memory, but I'm sure you used to be able to go back a couple of years to particular months on the app. Maybe the new version of the app doesn't give as much detail as the old one did, but I'd be surprised if you couldn't do it on the website.

jimjames

Clueless56 said:

The main part of the online statement only shows the minimum monthly payment and gives an end of month balance of £82,195, but there is also an overpayment reserve containing £2,900.  Can anyone tell me how much I have left to pay in total?  Is it £82,195 or £82,195-£2,900 ?

I have a Nationwide mortgage and can confirm the balance outstanding includes the overpayment reserve. The overpayment just shows what you can draw back if you wanted but is already in the calculated balance.

Clueless56

Thank you @jimjames.