halifax mortgage question...

grade15

its best to see if your 1st payment has been put thou..first...best safe than sorry..so phone them up in a few days to see if it has gone thou and if so..then continue..its a computer world..anything can happen..however sure you are.!!:dance:

cattie

james3333 wrote:

oh...... just spoke to halifax, i can overpay 10% per year
can anyone advise how i do this online?
open a new account and pay a direct debit into the mortgage account evry month?
or somthing?
any halifax mortgage customers done this, so they can talk me through it step by step?

I have a Halifax mortgage & I make regular overpayments as their are no limits to overpayments on my mortgage. What I do is pay by standing order instead of direct debit & this gives you the ability to change your mortgage amount whenever you wish to make an overpayment. This can be regular payments or occasional lump sums.

The only thing you have to remember if you do pay by standing order is that you need to manually increase the monthly amount when there is an interest rate rise, as the lender isn't able to alter the payable amount as they are able to with a dd.

james3333

well, i have talked to the guys at halifax on the phone, set up an online account, so that i can put in any amount per month
(up to 10% of the final amount).
however,i put £30 in yesterday from my currunt account and it hasnt shown as going out of the account, or indeed into the mortgage account?
anyone any ideas?

steve_cov

It will take a few days to credit your mortgage (mine takes three days), but it's worth checking with your bank to make sure it's gone out as this is the first payment.

Could you set up a standing order? That way, you will see a regular pattern.

james3333

its just added to my portfolio as an another account, i like the fact that at any point i can whack a ' few quid in'.
will keep my eye on it!

what exactly do you class a 'standing order'... a monthly payment of a certain amount....if so , i would perfer to be able to be flexible with what i pay in each month, some months i might not want to pay in anthing!

cheers.

cattie

james3333 wrote:

what exactly do you class a 'standing order'... a monthly payment of a certain amount....if so , i would perfer to be able to be flexible with what i pay in each month, some months i might not want to pay in anthing!
cheers.

A standing order is where you direct the bank to pay an amount from your account, be it a regular payment such as a mortgage, or even for a single payment such as a yearly subscription. You are in control of the amount & the date you wish the debit to occur, & you can alter the amounts you wish to pay at any time.

If you bank online this is a very easy way to manage overpayments.

A direct debit on the other hand is where it is the bank or creditor who has the control over the actual monthly amount to be debited & the date on which this will occur. It isn't possible for a customer to directly alter any of the details of a direct debit.

With something like a mortgage, if there is an interest rate change then the lender will alter the amount of the dd to cover this, but with a standing order it is only you who can authorise any increase or decrease on payable amounts.

Hope this clarifies things a bit.

james3333

thats what i thought, but thanks for the clarification cattie!