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Nationwide ERC

Missymoo2 · 2024-10-29 19:44:31

We currently have a nationwide mortgage which was taken out on a 5year fixed starting February 2023. Interest rate is 3.54 and we currently owe £94k. My husband is applying to take a lump sum from his pension which would pay the mortgage off. This will be April 2025 when the balance will be £74k due to overpayments. I am…

Comments

kingstreet Posts: 39,304 Forumite

30 October 2024 at 4:41PM

Nationwide five year fixed rates usually have a 5, 4, 3, 2, 1 ERC profile so a redemption in year three would carry a 3% ERC, or around £2,200. This assumes any overpayments to reduce the balance to £74K were/will be made before February 2025.

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