Paying the mortgage 13 September 2010 at 11:09AM in Mortgage-free wannabe 7 replies 1K views

MARKYS_MISSION

Just joined folks and this is my very first post ( so be patient).

I have 11 years left on my 84,000 mortgage having just reduced the term from 13yrs. My question is as follows If I have spare cash can I go into the bank with my mortgage account number and pay a small amount over the counter. Will the money come off straight away or will it only appear at the end of the year.Does anybody pay a little over the counter when they can ?

Thanks

somethingcorporate

MARKYS_MISSION wrote: »

Just joined folks and this is my very first post ( so be patient).

I have 11 years left on my 84,000 mortgage having just reduced the term from 13yrs. My question is as follows If I have spare cash can I go into the bank with my mortgage account number and pay a small amount over the counter. Will the money come off straight away or will it only appear at the end of the year.Does anybody pay a little over the counter when they can ?

Thanks

Depends on the mortgage but usually yes.

Who is your mortgage with?

MARKYS_MISSION

Sorry told you I was new.
It is with Alliance and Leicester. There lies another problem I have no local A&L. Would Santander take the money. ( without messing up) .

drewkent

Hello. I took out an Abbey mortgage through an Alliance and Leicester manager and now hand in my overpayments at a Santander branch. So you should be fine!

Secret_Saving_Squirrel

Good luck!

Squirrel

MARKYS_MISSION

Thanks to those who replied.I think I will try a twenty pound payment next month as a tester just to see how .quickly it goes to the acciunt

financialbliss

Hi Mark,
Welcome to the mortgage free wannabe section. We're generally a friendly and helpful bunch!

One thing I don't think has been asked yes it your mortgage rate. Usual advice of if you can get a better interest rate than your mortgage, you're probably better off saving instead and reviewing your mortgage vs savings periodically.

Good luck. I'll try and drop in now and again.

Financial Bliss.

GavB79

Check first that your mortgage product has the facility for overpayments!!