Mortgage - Overpayments

Read the OP - option two is the default with nationwide which is what happened to me. Phone them up and change to option one.
 
one thing you do need to look at is ERC's. As you are just starting your 5yr fixed you may be limited to how much you can overpay. I know one of my mortgages in the early days only allowed 10% overpayment per month and 1 lump sum payment in each Jan (can't remember the limit).
 
ivrytwr3 said:
one thing you do need to look at is ERC's. As you are just starting your 5yr fixed you may be limited to how much you can overpay. I know one of my mortgages in the early days only allowed 10% overpayment per month and 1 lump sum payment in each Jan (can't remember the limit).
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As above, pretty sure all nationwide mortgages taken out since some time in 2013 now allow up to 10% overpayment per year before ERC. Was previously limited to £500 per month.

Thanks.
 
I paid my mortgage off by age 38. I was only allowed to repay a max of 10% as a lump sum each year but kept my monthly payments the same. This just kept bringing the term down nicely and after a few years it was so small I just got rid of what was left. If you can afford to keep the payments the same after paying off lump sums then you'll soon be knocking years off the term and save insane amounts of money on interest.
 
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