Overpaid my overpayment 0.01. Please tell me this won't really cost me £3500.

shadrack_2

I've been a fool, my mistake etc. We've been overpaying the permitted £499.00 per month whenever we can. Last month I took my eye off the ball and paid £500.00 by mistake. We're actually allowed to overpay £499.99. I've only just noticed it on my bank statement.

We're with the Britannia who have (so far) been really decent to deal with. Can someone reassure me that I'm not the only person to have ever done this and that they will be reasonable? I'll be ringing them tomorrow to grovel.

thriftymomma

They may be kind to you since you left a 99p headroom with your other overpayments. Just give them a call. Good luck.

chirpchirp

Have you checked your "mortgage contract" are the overpayments allowed 10% in a year or 10% in a month. If in a year, could you drop the next payment by a penny?

gizmo111

Surely the ERC is charged on the amount you overpay that you are not allowed to - so therefore any penalty will be a % of the £1 you have made a mistake on - not the whole mortgage balance.

shadrack_2

Panic over (I hope). Yes gizmo, you're right. Britannia explained that they just wouldn't allocate the 0.01 to the debt so interest would be charged on it. I can live with that.

The T&C state £499.99 not a % of the loan.

Thanks for messages anyway