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Overpaying nationwide loan
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Loans
Does anyone know their policy ie do they reduce the term or reduce the monthly payment?
0
Comments
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On the basis that the repayments are contractually fixed. The outcome will be that you'll clear the loan earlier.0
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OK thanks so monthly payment same , term reduced0
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Above is correct. Monthly instalments remain the same. Just checked my own Nationwide loan.0
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Thanks for the confirmation0
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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.0
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