Can you overpay by bank transfer as and when?

Impet_Limpet

Hi, we've been inspired by you all and are thinking of taking our first steps to MFW

We are on a 100% LTV fixed rate mortgage 6.89% with "The Mortgage Works" http://www.themortgageworks.co.uk/content/home/ part of nationwide ending next Feb.

We are considering making overpayments on our mortgage of a value exceeding no more than 10% of the mortgage in any 12 month period. This would be by variable amounts on variable dates. In our information booklet we can only find how to do it by cheque for values of over £1000. However we would like to overpay in sums less than this, preferably by bank transfer as and when we have the finances available for example empting the current account the day before payday. Do all mortgage providers allow this?

In addition our booklet only says "after your lump sum overpayment your monthly installment will be reduced to reflect this". Can I request that they reduce the term instead.

I emailed over the weekend but haven't had a reply yet or indeed a acknowledgement with a time scale of when they will reply. I will ring as soon as I can but as they are open standard office hours and I'll have to pop home early one day I'm hoping 01202 560606 from Say no to 0870 works!

Many thanks for your help.

giger

I'm afraid each and every mortgage is different, and that goes for products with the same lender. I've recently come out of an ING Fixed rate mortgage, the minimum overpayment amount was £1000. Now i'm in their standard flexible mortgage and I can overpay by £1 at a time if i wish. If it states £1000 it is there for a reason, you may be able to transfer money 'as and when' but you'll find it won't credit your mortgage until you have hit £1k.

You need to speak to your lender about this