Overpaying nationwide loan

olb81

Does anyone know their policy ie do they reduce the term or reduce the monthly payment?

Hoenir

On the basis that the repayments are contractually fixed. The outcome will be that you'll clear the loan earlier. 

olb81

OK thanks so monthly payment same , term reduced 

Paul_01

Above is correct. Monthly instalments remain the same. Just checked my own Nationwide loan.

olb81

Thanks for the confirmation 

Ordinary_Yet_Unique

Last year I had a Nationwide loan for only a month.(Although that wasn't the original intention). It was to part finance the purchase a car. I started overpaying even before the first payment was due. No issues at all. I quickly decided I didn't like the idea of having a loan at all and paid it off in full with a few weeks using savings. Savings were depleted, but I saved myself over £1000 in interest. Again I encountered no difficulties with over payments. Having online banking with them meant I could see daily how much I had outstanding.