how do I overpay please?

teacher2mum

Hi guys I have been reading this site with great interest and just wondered how i go about over paying my mortgage!!! Do i do it online with my bank like i do when paying my bills. the mortgage is with GE money. Would love to over pay even if it's £1 a week. Many thanks!

Floxxie

It depends on the lender. The best advice is to call your lender and ask them direct especially as if you can pay online you will need their account details.

teacher2mum

Thx Floxxie. I have just dug my agreement out. Sorry my hubby usually deals with all this but we are going through a rocky patch and I just want to know in my head what my options are if we do go for separation. On the agreement it says :
We do not operate a facillty for you to make overpaymetns. However, we will review and consider any porposals for any overpayments you wish to make on an individual basis.
I have looked into it we released £100,000 from our property that was a cash buy and was worth £215.000 when we remortgaged it 4 years ago. we then bought the house next to my mums cash and my sis now rents that from us. apparently we are only on an interest only payment. does that make a difference and we should have measures in place to pay the 100,000 back at the end of the term... Ooops we have nothing as far as we know! Any advice..should i be offsetting a bit of money into an endownment policy or similar that will mature say in 20 years. all a bit complication. And what would happen to all this is we do separate, would I be able to stay in our house and pay hubby off!!! decisions decisions.. thanks in advance!

Floxxie

As you may separate from your husband, I would personally not make any overpayments as he would benefit from these if and when the property were sold/remortgage etc. I can't imagine an endowment being the bext place to put any money for the future but you would need a vehicle for saving any money.

You might want to pop your questions onto the mortgage board and/or the savings/investments board. There are a number of mortgage and financial advisers aound and they should be able to point you in the right direction to get a solution that suits you.

Good luck!

aliasojo

Floxxie wrote: »

As you may separate from your husband, I would personally not make any overpayments as he would benefit from these if and when the property were sold/remortgage etc.

I agree. It would be better to consider building a cushion for yourself should the worst come to the worst.

If you can save even a little amount every week, you should do so rather than paying extra to your mortgage. If things get better, you can always look into paying what you've saved into your mortgage at a later date.

Give yourself options, dont tie yourself into corners.