Overview

What is a repayment method?

Your repayment method is how you repay your mortgage and what your monthly mortgage payment includes.


How is your current mortgage repaid?

Your mortgage may be repaid on an interest only basis where you only pay the interest charged and pay the balance at the end of the term, on a capital repayment basis where you pay both the interest and capital and will have repaid your mortgage at the end of the term or a combination of the two (part and part).

Interest only or part and part

If your mortgage is repaid on interest only or part and part (part interest only and part capital repayment) you can ask to change your repayment method. However, you'll only be able to change the part of your mortgage that is interest only to capital repayment. You won't be able to increase the amount of your mortgage that is interest only. Any part of your mortgage changed to capital repayment will be paid off by the end of your term.

Nationwide no longer offers new interest only or part and part mortgages.

Capital repayment

If your mortgage is repaid on capital repayment you won't be able to change any portion of your mortgage to interest only.


How do I change my repayment method?

You can only change your repayment method if you’re on interest only or part and part. If you’re on capital repayment you can’t do this.

If you’d like to change your repayment method, this can be done on an advised or execution only basis:

Applying with advice from us

If you'd like advice from us on what repayment method is best for you our Mortgage Consultants will be happy to review your circumstances and make a recommendation for you.

To arrange an appointment with one of our Mortgage Consultants, call us on 0800 30 20 11 or visit us in branch. It's not currently possible to change your repayment method online.

Applying on an execution only basis (without advice)

If you'd prefer to make your own choice about changing your repayment method, without advice from us, we'll send you a pack to complete and return. The pack gives information about making changes to your mortgage and the options available to you. Once we’ve received the completed forms and all relevant documentation, we’ll process your application and tell you when it’s complete.

To request a pack call us on 0800 30 20 11 or visit us in branch. It's not currently possible to change your repayment method online.


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