Understanding "how much is left on my mortgage Nationwide" is a crucial step in managing your biggest financial commitment. Whether you're planning to make overpayments, considering remortgaging, or simply want to keep track of your progress, knowing your outstanding balance is key. This lengthy guide will walk you through various ways to find this information with Nationwide Building Society, along with important details to consider.
Ready to take control of your mortgage? Let's dive in and find out exactly how much you have left to pay!
Step 1: Engage with Nationwide's Online Tools (The Easiest Path!)
Nationwide, like most modern lenders, offers a robust online platform designed to give you easy access to your account information. This is often the quickest and most convenient way to find your mortgage balance.
Sub-heading: Via Nationwide Internet Bank
- Log In to Your Internet Bank Account:
- If you're already registered, head to the Nationwide website and look for the "Internet Banking" login.
- If you haven't registered yet, this is your first step! You'll typically need your account details and to follow their online registration process. It's usually straightforward but may require a security check.
- Navigate to Your Mortgage Account:
- Once logged in, you should see a list of your Nationwide accounts. Select your mortgage account from this list.
- You'll likely be presented with an overview of your mortgage, including your current balance.
- View Your Mortgage Statement:
- To see a more detailed breakdown, look for an option like "View accounts tab" and then select your mortgage.
- You can usually access your latest statement directly from this view. Your statement will clearly show your outstanding balance as of the statement date.
- You can often view and download statements from the last 36 months in PDF format under a "My Documents" or similar section.
Sub-heading: Using the Nationwide Banking App
- Download and Log In to the Banking App:
- If you prefer mobile banking, download the official Nationwide Banking App from your app store (Google Play Store for Android, Apple App Store for iOS).
- If you're new to the app, you'll need to set it up and link your accounts. This usually involves logging in with your Internet Bank details.
- Select Your Mortgage Account:
- Once in the app, you'll see a dashboard of your accounts. Tap on your mortgage account to view its details.
- Access Your Balance and Statements:
- Your current mortgage balance should be prominently displayed.
- Similar to the Internet Bank, you can usually navigate to view your statements within the app for a comprehensive overview of your balance, payments, and interest charged.
Sub-heading: Utilizing Mortgage Manager
Nationwide has a dedicated "Mortgage Manager" service accessible through both their Internet Bank and Banking App. This is a great tool for not only checking your balance but also for exploring other mortgage-related options.
- Access Mortgage Manager:
- Within the Internet Bank, after selecting your mortgage account, look for "Related services" on the left-hand menu and then select "Manage your mortgage."
- In the banking app, simply click on your mortgage account and look for options to "manage your account online" or similar.
- Find Your Redemption Figure:
- If you're looking to pay off your mortgage in full, Mortgage Manager is particularly useful. You can often find your "redemption figure" here, which is your outstanding balance plus any applicable charges for early repayment.
- It will guide you to select your situation (e.g., "I would like to pay off my mortgage in full") and then provide a link to download your redemption statement as a PDF. This figure is crucial if you're considering a full repayment or remortgaging to another lender.
Step 2: Review Your Annual Mortgage Statement (The Detailed View)
Every year, Nationwide will send you an annual mortgage statement. This document is a comprehensive summary of your mortgage activity over the past calendar year and will clearly show your outstanding balance.
- Locate Your Latest Statement:
- Physical Mail: Your annual statement will typically arrive by post in January each year (covering the previous calendar year). Keep an eye out for this important document!
- Online Access: As mentioned in Step 1, you can also access and download past annual statements through the Nationwide Internet Bank under "My Documents."
- Understand What's on Your Statement:
- Opening Balance: The amount you owed at the beginning of the statement period.
- Outstanding Balance / Closing Balance: This is the amount left on your mortgage as of the statement date.
- Payments Made: A record of all your monthly mortgage payments.
- Interest Charged: The total interest added to your account over the year.
- Fees and Charges: Any administrative fees or charges applied.
- Overpayment Reserve (if applicable): If you've made overpayments, this section will show your reserve.
- Remaining Mortgage Term: The length of time you have left on your mortgage.
- Early Repayment Charges (ERCs) (illustrative): Your statement might also show an illustrative ERC, which is what you would have been charged if you repaid the loan in full on the statement date. This is not a live quote but an indication.
Step 3: Contact Nationwide Directly (For Personalized Assistance)
If you're unable to find the information online, or if you have specific questions about your balance, early repayment charges, or future payments, contacting Nationwide directly is always an option.
Sub-heading: Via Phone
- Prepare Your Details:
- Before calling, have your mortgage account number ready. You might also be asked for personal identification details to confirm your identity (e.g., date of birth, address, security questions).
- Call the Mortgage Servicing Team:
- Nationwide's dedicated mortgage contact number is 03457 30 20 11.
- Their operating hours are typically Monday to Friday, 8 am to 6 pm, and Saturday, 9 am to 2 pm. They are usually closed on Sundays and bank holidays.
- Be prepared for a waiting time, especially during peak hours.
Sub-heading: Visiting a Nationwide Branch
- Locate Your Nearest Branch:
- Use the "Branch Finder" on the Nationwide website to find a branch convenient for you.
- Bring Identification:
- When visiting in person, remember to bring photo ID (like your passport or driving license) and possibly proof of address.
- Speak to a Mortgage Advisor:
- A mortgage advisor at the branch will be able to access your account details and provide you with your current outstanding balance, discuss overpayment options, and provide a redemption statement if needed.
Step 4: Understanding What Affects Your Outstanding Balance
It's not just about your monthly payments. Several factors influence how much is left on your mortgage Nationwide.
Sub-heading: Principal vs. Interest
- Principal: This is the actual amount of money you borrowed. Each mortgage payment you make contributes to reducing this principal amount. The faster you reduce the principal, the less interest you'll pay over the life of the loan.
- Interest: This is the cost of borrowing the money. In the early years of a mortgage, a larger proportion of your monthly payment goes towards interest. As your principal balance decreases, more of your payment starts to go towards reducing the principal.
Sub-heading: Overpayments
- Making overpayments on your mortgage can significantly reduce your outstanding balance faster than scheduled. Nationwide typically allows overpayments up to a certain percentage of your outstanding balance each year (often 10%) without incurring Early Repayment Charges (ERCs).
- Any overpayment directly reduces your principal, meaning you'll pay less interest over the remaining term and potentially clear your mortgage sooner.
Sub-heading: Early Repayment Charges (ERCs)
- If you're on a fixed-rate or tracker mortgage deal, paying off a significant portion of your mortgage (beyond your overpayment allowance) or fully redeeming it before your current deal ends may incur Early Repayment Charges (ERCs). These charges are designed to compensate the lender for the interest they would have received.
- It's crucial to check your mortgage offer or speak to Nationwide to understand any potential ERCs before making large overpayments or fully repaying your mortgage. Some products, like Nationwide's Standard Mortgage Rate (SMR) or Base Mortgage Rate (BMR), or certain tracker products, might not have ERCs.
Sub-heading: Fees and Charges
- While less common than interest, various fees could potentially be added to your mortgage balance, such as arrears charges if you miss payments, or certain product fees if you choose to add them to your loan. These would increase your outstanding balance.
Step 5: Planning Your Next Steps
Once you know "how much is left on my mortgage Nationwide," you can better plan your financial future.
- Considering Overpayments?
- Use Nationwide's mortgage overpayment calculator (available on their website) to see how making regular or lump-sum overpayments could reduce your mortgage term and the total interest you'll pay.
- Remember to always check your overpayment allowance to avoid ERCs.
- Approaching End of Deal?
- Nationwide usually contacts you around 4 months before your current deal ends to outline your options.
- Knowing your remaining balance is vital for comparing new Nationwide products or exploring options with other lenders for a remortgage.
- Looking to Fully Redeem?
- If you're planning to pay off your mortgage in full, ensure you get a redemption statement from Nationwide. This will provide the precise figure required, valid for a specific date, including any applicable ERCs or fees.
- Do NOT cancel your Direct Debit yourself if you pay monthly – Nationwide will cancel it after the account is closed. If you pay by standing order, you'll need to cancel it yourself.
10 Related FAQ Questions
How to check my Nationwide mortgage account number?
Your mortgage account number can be found on your annual mortgage statement, on any correspondence from Nationwide regarding your mortgage, or when you log into the Nationwide Internet Bank or Banking App and select your mortgage account.
How to get a redemption statement from Nationwide?
You can get a mortgage redemption statement through the Nationwide Internet Bank or Banking App via "Mortgage Manager" by selecting the option to pay off your mortgage in full. Alternatively, you can call Nationwide's mortgage servicing team to request one.
How to make an overpayment on my Nationwide mortgage?
You can make an overpayment via the Nationwide Internet Bank using the Quick Transfer option, through the Banking App, by setting up a payment from another bank (using Nationwide's mortgage sort code and account number, and your mortgage account number as reference), or by visiting a Nationwide branch.
How to understand Early Repayment Charges (ERCs) with Nationwide?
ERCs are charges applied if you pay off your mortgage or overpay beyond your allowance during your initial fixed or tracker rate deal period. Details of any applicable ERCs are in your mortgage offer and an illustrative figure may appear on your annual statement. You can also use Nationwide's ERC calculator online.
How to switch my Nationwide mortgage deal?
You can switch your Nationwide mortgage deal via Mortgage Manager in the Internet Bank or Banking App, or by contacting their mortgage advisers directly. Nationwide usually sends letters about 4 months before your current deal ends.
How to find my current interest rate on my Nationwide mortgage?
Your current interest rate is stated on your latest mortgage offer, on your annual mortgage statement, and is typically visible when you log into the Nationwide Internet Bank or Banking App and view your mortgage account details.
How to get help if I'm struggling with Nationwide mortgage payments?
Nationwide offers a "Mortgage Health Check" and various support options if you're struggling. You can contact their dedicated support line (03457 30 20 11) or visit their "Challenging times" section on their website for assistance.
How to view past Nationwide mortgage statements online?
Log in to the Nationwide Internet Bank, go to the "View accounts" tab, select your mortgage account, and then choose "My Documents" from the top bar to select and view past statements.
How to increase my monthly Nationwide mortgage payment?
While overpayments are flexible, to formally increase your regular monthly payment (e.g., to shorten the term), you would typically need to contact Nationwide directly via phone or by visiting a branch to discuss formally changing your Direct Debit or mortgage terms.
How to find out my remaining mortgage term with Nationwide?
Your remaining mortgage term is usually stated on your annual mortgage statement. You can also find this information when you log into the Nationwide Internet Bank or Banking App and view the details of your mortgage account.
