35 year mortgage want to reduce how easy is this to overpay

staceydaisy

i want to overpay on my mortgage and reduce the term. my mortgage was 100 percent over 35 years. is it easy to overpay with halifax

Ma77hew

Pretty straight forward, you can get a bank number and sort code from them, and then send electronic payments, the numbers are directly related to your mortgage so as soon as the funds have transferred your mortgage balance is reduced.

You can usually over pay by 10% per annum, if you want to overpay more and can do it on a regular basis I would suggest changing your mortgage term, they charge £10 to change it.

staceydaisy

thanks that great!!!!!! So just set up as tho paying a bill on online banking and will go straight off my mortgage. sorry abit new to all this

Welshlassie

yeap that's usually the process.

I'd check your key facts document that was given with the mortgage to check what your OP facility is. It is also worth calling them to check how it works, and let them know that your monthly payment is to stay the same and to knock the OP off the capital not the interest.

Also check to see if you are able to monitor your mortgage on line as it gives you a great incentive to keep OP{'s if you actually see your balance come down.

Good luck and welcome to being a MFW

SimbaSimon

I'm a similar situation, 95% mortgage over 35 years but I still won't be THAT old even in 35 years time. Would rather have a 35 year mortgage then no mortgage at all and I've just opened a current account with our mortgage provider so I can easily add a few pounds whenever I feel like it, would love to get it down a bit!

staceydaisy

i jst tried to set up my payment online and for some reason not reconised. why oh why when im really making the effort to OP. I WILL BE SO CHUFFED WHEN I MAKE THAT FIRST PATMENT

LumpyCustard_2

staceydaisy, when I set mine up (I'm using Barclays online banking), I have to put myself as the payee rather than Halifax. Just use the sort code, account number and put your roll number (A/xxxxxxxx-x number) as the reference.

pollys

We have a Halifax mortgage to make overpayments we went into the branch and they set up a standing order. We were unable to do this ourselves even though our accounts are online.

dimbo61

100% mortgage ?
overpay as much as you can afford
What is your mortgage rate ?
The more you can pay off and therefore increase the equity in your home the better, also try and build up an emergency fund ( 3/6 x monthly income in cash ISA,s ) GOOD LUCK

moominyak

staceydaisy wrote: »

i jst tried to set up my payment online and for some reason not reconised. why oh why when im really making the effort to OP. I WILL BE SO CHUFFED WHEN I MAKE THAT FIRST PATMENT

Hi, are you trying to make the payments from another Halifax a/c? If so, you can't do it online (I have the same problem) - as Pollys suggested, you could set up a S/O in branch, or you can make odd payments in branch as well.

I opened a new a/c with a different bank so now I send the money there and then back to the Halifax :rolleyes: Crazy I know, but easier for me than getting to a branch.

staceydaisy

dimbo61 my rate is 6.94 mad i know. im hoping to pay a good wedge of then can get a good rate when fixed rate ends