Mortgage Overpayment - How To?

gundo

So sorry for such a silly/basic question. I have a C&G mortgage which is paid by standing order from my Halifax current acct. How would I go about making an overpayment? Do I need to contact C&G? Send them a cheque? Or use online banking to bung money into the mortgage like I would BACS a payment to mate's bank acct to pay the deposit on a holiday/whatever...?

I don't have much spare cash and I pay ~ £800 a month on my repayment mortgage but £50 a month would be do-able and every little bit has to help I suppose.

SammyD_2

First, make sure there are no penalties for overpaying.
Then you usually have a number of options. I just increased my standing order, and then if I have anything extra I go into the branch with a cheque. But I can also use BACs, just haven't got round to setting it up.

Daniel_B

Yes as above really.

I use FD internet banking, but primarily have upped my SO for the monthly pament - I just alter it online or call them up.

If I want to make any extra paymetns I can just make an online transfer and it appears immediately :-)

As mentioned, CHECK for any penalities.

Dan

gundo

Cool! So basically it's just another bank acct that I can send payments to (I use Halifax Online and they have a bill payments facility so you can make one off or whenever you like variable payments to an accounts, it works on the cashpoints as well).

AFAIR my C&G mortgage allows up to 10% a year without penalty and you can either lump sum it or up the SO.

Thanks for the advice. I'm keen to try and do something as I got my statement for the first year of my 133k mortgage and I still owe them over 131k... I guess that the interest payments

aliasojo

I've just done this very thing about an hour ago lol.

Phoned A&L to get account details and sort code to make sure I was sending to the right place and then set it up with the Halifax bill payments section as you already mentioned.

Also check that there is no particular time for overpayments being accepted? I remember hearing there was an A&L mortgage for example which you could only overpay once a year (in January I think it was???)

Mine is a Martini one......any time, anywhere.



(Or was that Babysham????? )