Nationwide - is there a way to see the effect of overpaying £x?

B0bbyEwing

I'd like to be able to see the impact overpaying my mortgage by £x without having to sit 30mins in a phone queue to then say try this, try that, try the other.

I can get in to my Mortgage Manager & I can see a few options on how I want overpayments to be handled (such as bring term down, leave payments the same etc). 

Basically I'd like to know if I pay £x and I want it to reduce my term, what is the term then reduced to & is that a result I'm happy with or not? Maybe I'll then want to try running £y by it to see what that results in or to then change it to reduce monthly payment instead but leave term the same & see what that results in.

I just don't seem to be able to find that option. Maybe it doesn't exist although I'd expect that it does & if it doesn't then it really should. 

I can go in to my account, send £x from my FlexDirect account to my Mortgage account but I don't want to do that for the above reason - what if I'm not impressed with the result, what if I want to add more or even less or maybe the result has me changing how I want overpayments handled.

I've tried leaving them a message & they just tell me they're limited with what they can say over live chat & I'm to call a number instead - but like I said, I don't want to sit 30mins in a queue & then faff about. I'd like to run these numbers myself on a computer with results in front of me as I go along.

deancoop3r

Your lender’s system may lack this feature. Use third-party calculators or push them (in writing) for clarity before overpaying

Exodi

Just google mortgage overpayment calculator or something similar.

EDIT: should probably recommend the MSE one first!

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

DE_612183

There is a mortgage overpayment calculator on the MSE site - https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

BikingBud

Try the calculators here and play with the figures yourself. Index.html

Use this to track my mortgage, currently doing to save over 20k on the cost of the loan.

It's accurate to 0.01% of sum outstanding, likely due to initial differences between mortgage day of the month.

Accurate to 1p per month in interest calculation.

B0bbyEwing

BikingBud said:

Try the calculators here and play with the figures yourself. Index.html

Use this to track my mortgage, currently doing to save over 20k on the cost of the loan.

It's accurate to 0.01% of sum outstanding, likely due to initial differences between mortgage day of the month.

Accurate to 1p per month in interest calculation.

By here do you mean MSE or an index.html link? 

Anyway, I didn't even think about calculators tbh.

Just seems a really basic thing they should implement on their system so a customer can have a tinker & not clog up the phone lines (or MSE forums!). 

I'd also like to know if bringing the term down then changes my monthly payment amount. I'd not really want to bring the term down only for the monthly payment to go up through some calculation. 

I'll have a play with the calculators after work. 

BikingBud

Sorry yes LOCOBLADES spreadsheets.

You can play around with figures to your heart's content set up both mortgages and then make adjustments to Mortgage 2 to see what might occur:


Mortgage 1 £1752 per month paid over 25 years saves around £78k in comparison to Mortgage 2 £1571 per month or if you could go out to £2500 per month you could save over £220k:



Or if you want to try £350 per month overpayment it might save you £85k and pay off nearly 6 years early:



Although the only real view is how much you save over the next period, eg until your fixed rate finishes  as all bets tend to be reset at that point.

Also whilst some might say it is better to do other things than paying off a mortgage, stage of life might be important as having to pay £85k might mean earning £106k at 20% PAYE 

lfc321

Nationwide literally have an overpayment calculator on their website: https://www.nationwide.co.uk/mortgages/mortgage-calculators/overpayment-calculator/