Q regarding Halifax mortgages and Overpayments

Hello everybody,

Can someone help me. I have just bought my first home, with a Halifax mortgage. Sooner or later I'd be interested in making a few overpayments. I know the fine print stipulates that I cannot make more than a 10% overpayment in one year, but does anyone know how to make easy overpayments into my account? I mean if I have say £40 or £50 left over one month, can I do it online, or without the hassle of going into a branch? I'd be much less embarassing this way, and a great way to force myself to save, and not waste that extra money lying about?

Thanks - all help is appreciated!
Stevey
if i had known then what i know now
«1

Replies

  • JnelhamsJnelhams Forumite
    1.4K Posts
    I am not sure about your particular mortgage, but a lot only credit the overpayments at particular time of the year, which means they sit on your cash for a year and you gain nothing.
    I would give them a call and ask them when overpayments are deducted from the balance, and if they are done straight away how they accept them.
    My Mind wanders, if found please return.
  • NozNoz Forumite
    3.9K Posts
    any overpayment comes immediately off your balance...

    in terms of actually making the payment, you can either call into a branch, send a cheque or like you say use online banking
  • JnelhamsJnelhams Forumite
    1.4K Posts
    I would check with your bank, overpayments DO NOT always immediately come off your balance. It depends on the Mortgage you have.
    My Mind wanders, if found please return.
  • mocolomocolo Forumite
    121 Posts
    Forumite
    I have my mortgage with the halifax, and I have made overpayments over the counter mainly. I do most of my banking online and I did used to have a regular payment set up but that was fixed and I couldn't amend it to account for months I had more or less. Maybe speak to them about setting a flexible one of those up, if it's possible?
    I am on a real focus to get shot of my mortgage-the latest date will be June next year and the earliest will be Feb/march time. Fingers crossed. I am obsessed with it! I wish you lots of luck, you have a really good approach from the start.
    mocolo
  • MarkyMarkDMarkyMarkD Forumite
    9.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    All you need is the banking details for making standing order payments to your mortgage, and to use them via your online banking facility when you have some spare money.
  • SteveyJCSteveyJC Forumite
    344 Posts
    Part of the Furniture 100 Posts Combo Breaker Name Dropper
    super. thanks for all your help!!!

    Stevey
    if i had known then what i know now
  • McDuckMcDuck Forumite
    114 Posts
    We also use the Halifax. A few years ago our earnings were not guarenteed so we set up a standing order each month for one pound. When we had a good month we changed this (by adjusting the amount on online banking it takes 30 seconds). If we had a bad month then we just left it.

    This worked well for us.
  • SteveyJCSteveyJC Forumite
    344 Posts
    Part of the Furniture 100 Posts Combo Breaker Name Dropper
    ahh, good idea McDuck. I like it!
    if i had known then what i know now
  • yeah standing order is flexible

    don't be embarrassed about paying £40 over the counter though - loads of people do it

    but sounds like you'd prefer online. As you know the Halifax use an A/ roll number. you will need to find out the sort code and account number as well
  • clarewclarew Forumite
    500 Posts
    Part of the Furniture 100 Posts
    Forumite
    I have even been in to halifax and paid £10 in off the mortgage over the counter. just took my mortgage statement in and they got the details off there. As the tesco man says...every little helps!!
    Original mortgage 185k. 2003
    Current mortgage. 65k Jan 2020
    OP £321/month-Aiming to finish August 2025 instead of October 2028 (whilst keeping the 4 dependents fed,watered,clothed,sheltered and paying for school/activities paraphernalia):rotfl:
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