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Managing your Mortgage online?
Sideways
Posts: 124 Forumite
I was just thinking, wouldn’t it be good to be able to ‘see’ and manage your mortgage online?
Just like a savings account, you could log-in and see what the current balance is, make an over-payment by simply transferring money in and watching the balance re-calculate, knowing instantly the balance has reduced and your actions just saved you some money, no matter how small.
Does your provider allow this?
With my provider, C&G, if I want to know my balance or wish to make an over-payment I have to drive into town, take my ‘pass-book’ with me and write out a cheque- they don’t even take card payments! I guess because a cheque takes longer to process, therefore C&G earn a bit more in interest :rolleyes:
I have already adjusted my monthly payments to ‘over-pay’ but it would be nice to simply log-on and pay a little more if you happen to have some spare cash that week, as we all know, every little helps.
Just like a savings account, you could log-in and see what the current balance is, make an over-payment by simply transferring money in and watching the balance re-calculate, knowing instantly the balance has reduced and your actions just saved you some money, no matter how small.
Does your provider allow this?
With my provider, C&G, if I want to know my balance or wish to make an over-payment I have to drive into town, take my ‘pass-book’ with me and write out a cheque- they don’t even take card payments! I guess because a cheque takes longer to process, therefore C&G earn a bit more in interest :rolleyes:
I have already adjusted my monthly payments to ‘over-pay’ but it would be nice to simply log-on and pay a little more if you happen to have some spare cash that week, as we all know, every little helps.
Father, Husband, Jogger, Painter. Mostly at the same time, except the jogging and painting bit, it didnt work out.
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Comments
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I asked the same question re a Natwest mortgage a while ago, the only people with this ability seemed to be offset mortgage holders. Natwest claim I can't even pay online if I know my mortgage account number and sort code - something they seem particularly unwilling to provide anyway.
Seems they will do as much as they can to dissuade you from overpaying. Funny that!0 -
Nationwide offer this service you can see your mortgage in real time which changes daily for the interest update. Any overpayments from my NW flexaccount are instant.0
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First Direct offer this facility on it soffset product and I assume the same will apply to its other mortgage productsKeep the Faith:cool:0
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With the Halifax on-line banking system you can view your mortgage balance but you can't do any transactions0
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Northern Rock let you see your existing balance on line.... but then, they are very happy to be saying goodbye to existing customers.0
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I have a mortgage with Coventry Buildo and I can see my mortgage balance online. I have a SO set up to make a monthly overpayment. If I want to add more then I can just transfer the money from my Smile online account to the CBS. It is very motivating to see the balance reducing after every payment.0
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Yes, I'm with HSBC and see my mortgage online in my internet banking just the same as my current acc and savings acc. Didn't realise some banks didnt!0
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Yes NatWest offset is visible just like any other account you hold with them and you can transfer money instantly online,which has been great for me. I wasn't aware this did not apply to other mortgage products.0
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Same as a few others have replied - hadn't really gave this much thought. Just presumed that you could see your mortgage on-line in a similar way to that of a current account, savings account etc.
I'm with Nationwide - they show mortgage payments broken down monthly, but only show one interest amount per year. I'm using my own spreadsheet to work out monthly and daily interest.
What mortgage information do you get on-line from your mortgage provider? Do any break down the interest charged monthly?
Financial Bliss.Mortgage and debt free. Building up savings...0 -
Yes, each and every transaction on the NatWest offset is shown, in my case interest is added on 17 of each month and is visible on 18th. Transfers from another NatWest account show as an instant balance change whether DD or an online transfer.financialbliss wrote: »I'm with Nationwide - they show mortgage payments broken down monthly, but only show one interest amount per year. I'm using my own spreadsheet to work out monthly and daily interest.
What mortgage information do you get on-line from your mortgage provider? Do any break down the interest charged monthly?
Financial Bliss.0
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