£10 charge per overpayment...

FEE_100

:mad: Decided to start making overpayments on my cheltnam n Glouster mortgage made 2 earlier this yr and when I phoned them yesterday they said it a £10 charge... :eek: just introduced in April so the kindly Emma told me on the phone, told her I wasnt happy but really I know its not her fault personally. Has anyone else been charged for making overpayments? Cant believe that Im having to pay to clear my debt... Ive only £18600 left to pay so its not even worth my while moving the mortgage. Im on the SVR as when we came off the deal last yr thought that we would make lots of free overpayments and get it payed in 2 yrs instead of 5. Im just so mad and thought I`d share:rolleyes:

ALIBOBSY

Thats a bit cheeky, these banks are desparately trying to claw back cash left right and centre.
Only way to avoid would be to save the cash up and over pay less often?
good luck

ali x

Jonbvn

As per previous poster suggests save the money in a high interest account and then pay off larger sums less frequently.

FEE_100

I know, but thought that I would save interest by paying what I could every month, but now its going to cost me £120 every year extra to do that. Wonder if they`d charge me to change my term from 5 to 2 yrs and still stay on the SVR? That way I`d save on the £10 monthly charge. Will phone them up and see:rolleyes: ...

ailuro2

Fee- what an appropriate username you chose - :rolleyes:

Save the money in an ISA then pay it off once a year, or pay the money into an ISa or high interest savings account and pay it off once you've got enough in your savings pots.

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings have a look about halfway down the page. It explains what interest rate you need to earn on your money, as it all depends on the rate of interest your mortgage is at.

I agree if you're on SVR then it's probably best to pay off the mortgage, but not at £10 a shot. Phone up the bankHQ and ask if they are allowed to do this when it's not on the Terms & Conditions that came with the mortgage?

kazwookie

I'd ring up and ask to speak to 'Emma's' supervisor / manager and ask for it to be refunded.

egon

Hi Fee,

We have a C&G mortgage and are overpaying every month.
No one mentioned any fees, does it apply to everyone? We have a limit of £10000 we can overpay per year (I wish).
The T&C don't state(sp?) any fees, so maybe you can get it back too?

PS: I am going to phone them though!

Regards,

Egon

abouttimetoo

Hi

I have a C&G mortgage as well. When I first began overpaying in April this year they advised me that only a lump sum via cheque would incur a fee of £10 (didn't specify how much a lump sum might be:rolleyes: ) but all other overpayment methods were free.

You've made me wonder now if the fee is a new thing so I think I'll ring up on Monday to ckeck that I haven't been paying this as I don't get my annual statement until January so can't check easily

wheelies_3

I was told by C&G a couple of months ago that the way round this fee is to add it every month to your repayment which is what we are now doing. They did warn me that it takes 3 months to take off overpayments though.

We got stung a while ago with this fee after I'd paid in a £100 cheque, only to be sent a letter requesting £10 a few days later. What made it worse was that I'd previously rung up about this fee and was told it was only for overpayment cheques of £1,000+ :mad: When I rang to argue our case they suggested adding it to repayments.

egon

I spoken to C&G today. We have never been charged any fee, even after April, for any checks paid in.
Apparently, there is a way around it. The person on the counter only needs to put the check in as transaction (so, it is up to the person on the counter if you need to pay this fee or not!) then there won't be a charge. :eek:

Also, not everyone has got a letter about this fee, if you haven't had it, then you don't need to pay the fee.

When we started to overpay, we were told we can only pay cash or cheque. This is not true. If you call a certain phone number (need to dig it out) they will add a chosen (from you) amount to your monthly dd and collect it every month. You can change it any time. There is no fee then.

HTH

Egon

FEE_100

Not managed to phone them yet as was at a funeral today and only just got a min to myself. Shocked to see that some people have been charged and others not.. what a strange way to run a company. When I paid the overpayment on Thur kindly Emma said it would be up to 48 hrs before the transaction would come off, was just checking this with her because I had paid the payment 10 days earlier and it hadn`t came out the bank, but reading wheelies post Im now worried Im going to have 2 charges taken off in 3 months time....! Will definately phone them up 2mrw and sort it out.