Making overpayments is a great way for you to save money over the term of your mortgage. Any payment made over and above your normal monthly mortgage payment will reduce your outstanding balance, save you interest and could reduce the term of your mortgage.
A feature of a mortgage where any overpayments made may be withdrawn and borrowed back. Any overpayments will have already reduced the balance outstanding, so when it is borrowed back the balance will increase. Interest will be charged on the higher balance and monthly payments will also increase. All requests to borrow back overpayments are subject to an eligibility assessment and current lending criteria. (Consent from all applicants is required.)
Not all of our products have the borrow back feature, for example Consumer Credit Act 1974 regulated accounts do not benefit from this feature.
All mortgages reserved on or before 3rd March 2010 include the option to borrow back, subject to eligibility. Any mortgages reserved after this date do not include this facility.
If you would like to borrow back funds please contact Nationwide Direct on 08456 06 07 01.