Overpaying a Britannia mortgage?

latecomer

Does anyone know the process for overpaying a Britannia Buiding Society mortgage - we have a 5 year fix and want to start over paying a little but there is no info on their website. We did make a one off payment at a branch in our first month but its not easy to get to for me and hence I'd like to do it online or by phone. Anyone know if thats possible?

I'm sure there is something in the original docs but they are buried somewhere in our "store room" and might be tricky to find (we are renovating the house at the moment).

TIA

GAILEY

I have a 10 year fix at Britannia and it allows me to overpay £499 per month without penalty - you can either send a cheque as and when you are flush or amend your direct debit to regularly overpay - that's how mine works anyway and it's always been pretty easy (it's been finding the money to overpay that's been a little taxing at times!!)

neas

I am going to be getting a britannia mortgage soon and as far as I can see you can overpay by 10% of the last year balance.. so on a 100k mortgage you can overpay by 10k in one year. If you overpay by more than 500 quid a month they will give you option to recalculate term or monthly repayments.

Also it seems you can overpay electronically via sort code/account number:

Overpayments and paying off your mortgage




Can I make overpayments?

If you find you have some spare cash, you can save yourself money in interest over your mortgage term by making overpayments. You can overpay by up to 10% of the previous year end balance of your mortgage each year, with no early repayment charges, depending on the terms of your offer of advance.
Overpayments of up to £499.99 will be applied to your mortgage account on the day of receipt. This will reduce your balance and we will recalculate your interest in line with your account terms and conditions, your monthly repayments will remain the same. However, if you overpay by more than £500 then you will also have the option to have your monthly repayment or mortgage term recalculated.
Please advise us if you would like your monthly repayment or mortgage term to be re-calcuated.

Can I repay my mortgage early?

• If you want to pay off your mortgage early, please contact us on 0845 121 7901 for an up to date redemption* figure that will include any Early Repayment Charges*, Discharge Fees* and Deeds Release Fees applicable. Please note: The redemption figure can change on a daily basis.
• On the specified day, please send the funds via electronic transfer (Chaps) to: National Westminster Bank, Leek: Sort Code 01-05-02, Account Number 23531800.
• Your mortgage account number must be the first piece of information to be quoted in the payment details field on the Chaps advice. It can be found at the top of your mortgage statement, or any mortgage-related letter. Please note: If the mortgage account number is not quoted, the funds will be returned. This will delay redemption and will result in additional interest charges.
• Alternatively, you can repay your mortgage by cheque. Please make the cheque payable to: Britannia re Customer’s name or mortgage account number.
• Please allow sufficient time for the payment to reach your mortgage account.

*For an explanation of terms used, please see our glossary.

Can someone with a britannia mortgage confirm this?