Nationwide

Missymoo2

I started a post about ERC on Nationwide mortgages a few weeks ago. We have decided to just overpay the maximum until our 5 year deal ends to avoid the ERC.

I know the amount of overpayment you are allowed to pay is 10% of original borrowed amount and that it renews on anniversary of the mortgage but we have noticed the monthly payment drops. Can we still pay the same original monthly amount and the maximum overpayment or would we start to incur EPC?

Thanks once again for your help

marcia_

 You can request that the additional payments you make reduce the term rather than your monthly payment 

Missymoo2

marcia_ said:

 You can request that the additional payments you make reduce the term rather than your monthly payment 

I remember asking this when I first started making overpayments and they said I would need to do a new application as it was change of product so I just allowed the payments to reduce.

Missymoo2

I have just been able to do it on the app on Mortgage Manager. Just annoyed as we have made a number of overpayments and the telephone advice was wrong 😔.

Many thanks for your help

marcia_

Missymoo2 said:

I have just been able to do it on the app on Mortgage Manager. Just annoyed as we have made a number of overpayments and the telephone advice was wrong 😔.

Many thanks for your help

 That's great you could do it in the app. We let our payment go down to a reasonable level then changed to pay off the term. We then made monthly additional payments equal to the monthly payment. I accidentally paid 2 additional payments in one month more than once but no fees.