£10 charge per overpayment...

jetski690

Having overpaid on my C&G mortgage in the past I to was surprised when they mentioned the £10 admin fee.The best part though is my mortgage being two part repayment and interest only they wanted £10 admin fee for each part.

Weizsler

Im pretty sure if you set up a standing order so as you overpay the same amount each month there is no charge. It is only when you make an "unexpected" extra overpayment that you incure this charge.

So if you are on the SVR you will make that mortgage payment each month and then have a standing order for however much you can afford to regularly overpay.

Beware though if the SVR go's up the standing order will still be the same so you need to keep an eye on the interest rates and make sure you have the cash in the bank for the mortgage increase & the standing order.

If im wrong please tell me, but I spoke to C&G the other day and this is my understanding the £10 is for the "unexpected" overpayment and extra work they have to do. Sounds like "bubbly for the share holders".

The only way around this maybe would be to increase the standing order for one month and then cancell and reset it up. Not sure if it wouls work but worth a shot.

theowl_2

If you increase your direct debit payment each month to overpay, meaning the same payment date as the original loan payment, no fee will be charged. Went into a branch and confirmed this. They can sort it out in branch too.