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Abbey overpayments

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  • blade68
    blade68 Posts: 20 Forumite
    Hi,
    I changed my abbey mortgage over to a life time tracker last summer, i asked them about overpayments, they said any amount was ok ( can't remember if they said min £100) but to just write a cheque to myself, put mortgage number on back and take it into my abbey branch. They also told me that the interest would be taken off my mortgage from the day the cheque went in (no waiting to clear). I havn't tried it yet though so i will see how it goes in a couple of weeks time.
    Mortgage oct 2001 £78,000
    Mortgage jan 2013 £61,196.05
  • *jobags*
    *jobags* Posts: 167 Forumite
    I have been thinking about how to make overpayments as I can't afford £500 per month but I still want to overpay - so here's my plan

    I am paid on 15th of each month and the money hangs around my account until the DD is taken on the 1st

    My mortgage is £270K - 90K repayment and £180K Interest only - both over 20 years
    Monthly repayments are £1368

    If I go into the branch on the 15th of each month and give them a cheque for £1500 with my account details on it and then stop the monthly DD payment would that be OK?
    Or would they just "park" the additional £132 monthly in a no interest account?

    I would asume that as it's a consistent overpayment they would just reduce the amount outstanding and as I would effectively just cancel my monthly direct debit they wouldn't be in a position to reduce it

    Hope that makes sense!

    Jo
    Debt @ 31.01.10 £324,422
    Debt @ 31.01.11 £311,289

    Get debts under £300k by 31.12.11 £561/£11,850 at 15/1/11
  • Lady1981
    Lady1981 Posts: 90 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Sorry if someone has said this already, I haven't had a chance to read the other replies.

    We have overpaid probably no more than 8 times on our Abbey mortgage and we always call before we transfer the money from our account to theirs and then we call again once they have it to make sure that all is as it should be.

    On two occassions we have given our usual detailed explanation to Abbey , explaining that the money IS NOT our monthly payment but an OP/capital payment to reduce the term etc etc. We have then called again and been told that they have received the OP. It later transpires that the Abbey have taken the money as our monthly payment and not an OP.

    This means that we only realise that this has happened when our usual direct debit is not taken. Grr!! Is very frustrating! Last time this happened we even had it in writing confirming our OP and the date of our next direct debit. And then they didnt take the agreed DD!

    I know they tell us that the best way to send the money is by cheque but it strikes me as just another way to foil our plans of getting the OP in ASAP to pay off the mort ASAP! Me? Cynical? :rolleyes:

    Sorry for rambling on, needed to vent!!!

    We wont be going with Abbey when we r/m!
  • Ahem
    Ahem Posts: 6 Forumite
    Also with Abbey. I make capital repayments online - ask Abbey for the Sort Code and Account number. Minimum £500 sum. Made several payments this way and it works well. I get a nice letter telling me the reduction in payment.

    Andy
  • I have just upped my repayments with abbey to a nice round £900.

    This will go down when my fixed rate ends (apparently) so will have to write to them again to put it back up when this happens but my mortgage now finishes in 23 years rather than 30!

    Also I have a job interview on friday that would seriously help with my overpayments! Fingers crossed....

    Nick.
    Mortgage at Start (2007) £145,000
    MFW2009 No. 252

    Current/Target OP/Total OP/Month OP/Mths Saved
    £139,950/£8000/£2109/£2109/136
  • ShineOn
    ShineOn Posts: 9 Forumite
    Well, those nice people at the Abbey have just written to me and said they are kncoking £15,000 off the mortgage.

    Not sure whether I have a secret benefactor, a guardian angel or a generous Abbey employee who took pity on me, but I can't say I'm complaining..
  • Lady1981
    Lady1981 Posts: 90 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Further to my post on 09/03/2009, we are still trying to sort out our OP with Abbey.

    Even though we asked them to reduce the term of the mort they reduced our monthly payments. I rang them and they said they would sort it. They have changed it so the term is now reduced (down to 13 years and 5 months Yippee!). Our monthly payment should be £1,078.00:eek: approx but their confirmation letter says our next monthly payment will be £151 and future payments... £0.00!!!

    Cretins!!!!!!
  • space_rider
    space_rider Posts: 1,741 Forumite
    Well they managed to keep mine the same for 2 months then they reduced it again despite sending me a letter to say they have reduced my mortgage term. I am putting the money away in a savings account which pays 5% interest. I will pay this money to my mortgage account after I`ve saved for a year.
  • bluekp
    bluekp Posts: 439 Forumite
    Hey all!

    We are just in the process of taking out a new mortgage with Abbey for our second home and I am beyond eager at the prospect of becoming a MFW when it's all in place!!

    I am however, totally confused by their overpayment/capital payment policy :confused:

    Ts&Cs says minimum capital repayment is £500. (to be paid by cheque as discussed earlier in this thread). However, I rang them a couple of days ago to confirm this, and they said they "prefer" the payment to be £500+. "Prefer" doesn't mean "has to be" to me, which would say that I can make smaller overpayments and request them to come off the capital.

    Does anyone have any advice they can offer? I spoke to a branch based mortgage lady earlier today, and she said same as Ts&Cs - minimum £500.

    Soooooo confused :confused:
    Debt at Highest: £11,630.10 (May 2006) Debt now: £0.00 !!!!
    Married to the man of my dreams :A - Sat 2nd June 2007
  • We have just taken a mortgage with abbey in July, I spoke to them a few weeks ago and was told to either send a cheque payable to ourselves with the mortgage account number on the back, or she gave me the bank details to do a bank transfer.

    She made no mention of a minimum amount but said simply to contact them whenever we wanted to make an overpayment and they would adjust the mortgage term accordingly.

    She also said that we could pay into a branch at any time so I guess you could explain what you want to do to the cashier.


    CC debt at 8/7/13 - £12,186.17
    Barclaycard £11,027.58
    Halifax £1,158.59
    5 year plan to live unsecured debt free and move home
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