Flexible mortgage features
At Nationwide, we don't just offer low mortgage rates. Our flexible mortgages make it easy for you to run your mortgage deal the way you want – with no unfair charges and no extra hassle. Find out more about some of the benefits of a Nationwide flexible mortgage below:
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Overpayments - With a Nationwide flexible mortgage, you can pay off more* than your required minimum monthly payment ("overpay") and build up an overpayment reserve. This flexible mortgage feature means that you can:
- save interest straight away - any money you overpay is deducted from your balance the next working day
- pay off your mortgage earlier (if you have a repayment mortgage). For example, if you overpay by £75 a month on an £80,000 repayment mortgage, with 25 years remaining, at our Base Mortgage Rate of 4.69%**, you could save over £15,000 and pay off your mortgage five years early
- borrow back the money that you have overpaid at any time.
Underpayments - You can also use any overpayment reserve you have built up to reduce your monthly mortgage payments (underpay) in the future.
* Our fully flexible mortgage - the Base Mortgage Rate, has unlimited flexibility so that you can overpay by as much as you like, when you like, without incurring early repayment charges. Our fixed and tracker products enable you to make overpayments up to £500 per month without charge. If you overpay by more than this there will be an early repayment charge payable on the entire overpayment amount.
**The BMR is currently only available to existing Nationwide mortgage customers reaching the end of their deal period.
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Time off from paying your mortgage:
- There may be times in the future when you want to take a break from paying your mortgage.
- Payment holidays can be useful for borrowers looking for a short break from making mortgage payments - for example, whilst taking a short planned break from regular employment or whilst starting a family.
- Conditions apply and you must have held a Nationwide mortgage for 1 year or more.
- Once your request has been granted, you'll receive a letter confirming the dates of your payment holiday.
- If you are experiencing payment difficulties i.e. your income is insufficient to cover reasonable living expenses and meet financial commitments as they become due, please call us to discuss all the options that are available to you as a payment holiday may not be appropriate.
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With any Nationwide mortgage your interest is calculated daily, meaning you can save money in the long run.
For example, each time you pay off part of your mortgage, whether it's a regular payment or an overpayment, the interest is recalculated the next working day.
This means that you only pay interest on what you owe. It's the fairest way of charging mortgage interest. This reduces your mortgage balance without waiting for the end of the month - or even the end of the year.
Next steps: Calculators or Quote & apply