Mortgage overpayment

Tuckerpoor

Hi all

I made a mortgage overpayment on 16th Dec 2008. Do I need to wait until 16th Jan 2009 now? or anytime onwards from 1st Jan 2009?. I ask this as i made the maximum overpayment allowed per month. Just not sure how they define a month? As i want to go and make another maximum overpayment tomorrow. I did this last time in branch by a transfer from my isa straight onto my mortgage.

Just cant wait!

Thanks

_Andy_

You need to ring the lender tomorrow to ask.

caracal_77

Tuckerpoor, look at the T&C or call your lender tomorrow morning and ask. I would think this might be slightly different from one lender to another.

Tuckerpoor

Well i looked at my mortgage offer and it just says

"During the early repayment charge period, you can make overpayments of £499.00 each month on your mortgage without incurring charges"

Does this make it clearer for anyone on here? as I dont fancy ringing them! but will if i must!.

regards

TighterThanTwoCoatsOfPain

the only people who can confirm are the lender.. it could be calendar month, or on the monthly anniversary of your mortgage completion date.. (my interest is calculated on 10th of the month.)

Its not worth guessing and falling foul else your next post will be "how can i get these unfair charges back"

caracal_77

Tuckerpoor wrote: »

Does this make it clearer for anyone on here? as I dont fancy ringing them! but will if i must!.

Not sure who's your lender, but you might get this info at a local branch.

Tuckerpoor

Sure many would agree, them damm call centres do my head in!

bacardi.

don't forget to get their full name, just in case things goes belly up

JayZed

I know that with Nationwide, it's each calendar month, so you can overpay the maximum allowable (£500) on 31st January and then again on 1st February (edit: okay, that's a Saturday and Sunday this year, but you know what I mean!)

That may not be the case with your lender, though - I agree with above advice, you should call and check.

Tuckerpoor

I phoned Britannia Building Society today. But failed to get the name of person I spoke too, as advised in the post as I read it after I phoned them.

Basicly answer is what JayZed has said in his reply.

Thanks All.