Provider telling me to Overpay?!!

Cortinaa_GTR

I'm a MFW and I have overpayed every month this year totalling £5,750. After each overpayment my provider ( Bank of Ireland, although was Bristol & West previously) send me a statement detailing new monthly payment.

I have just received another piece of mail this morning which states,

"BE MORTGAGE FREE SOONER
Now could be the ideal time to pay extra into your mortgage and become mortgage free sooner. With interest rates at historic lows, the potential return available from savings has declined, however it's likely your monthly mortgage payments have gone down. So this could be the ideal time to get your money working harder for you. By overpaying on your mortgage you can shrink your mortgage and become mortgage free sooner"

Is this something to do with the Irish Banks being in trouble then because I never thought providers would want you overpaying?

CathT

That's a bit unexpected! I didn't think the banks liked MFW's!

LilacPixie

My provider (egg) sent me something similar when fixed rate was almost expired detailing new payment and SVR rate but saying if i continued to pay fixed payment how much term would reduce. I thought it was to do with the new rules surrounding credit card statement when providers had to point out paying minimum payment cost you mre in interest.

dimbo61

All the banks are trying to build up cash reserves and the more money paid in the better.
Keep up the mortgage OP

FlowerPower

hooray!!! someone else with a BoI ex Bristol & West mortgage
Parnott - how do you overpay? So far, I've only managed to overpay by calling them up and OPing by debit card. The term doesn't reduce, they just reduce the monthly payment.

golfiematt

dont look a gift horse in the mouth, go for it.

Cortinaa_GTR

FlowerPower wrote: »

hooray!!! someone else with a BoI ex Bristol & West mortgage
Parnott - how do you overpay? So far, I've only managed to overpay by calling them up and OPing by debit card. The term doesn't reduce, they just reduce the monthly payment.

Hi FlowerPower,

I initially called and asked them to increase my monthly DD amount to include OP but they refused saying they are only allowed to debit the original amount so I call up each month.

It used to really p*ss me off but now I quite enjoy it - especially when they ask the source of the OP funds and I want to say 'Male Gigilo earnings' or 'Sperm Bank donation fees' but always fold and admit it's my salary surplus.;)

I'm on the SVR at 2.99% just now after my first 2 year product ended in June 2009. Since then I've managed to OP nearly 6.5k which is reducing the monthly interest by a little each month. I'm not fussed for officially reducing the term cos you don't know whats around the corner and OP does it anyway.

All the best with your MFW dreams.:T

FlowerPower

Parnott wrote: »

Hi FlowerPower,

I initially called and asked them to increase my monthly DD amount to include OP but they refused saying they are only allowed to debit the original amount so I call up each month.

It used to really p*ss me off but now I quite enjoy it - especially when they ask the source of the OP funds and I want to say 'Male Gigilo earnings' or 'Sperm Bank donation fees' but always fold and admit it's my salary surplus.;)

I'm on the SVR at 2.99% just now after my first 2 year product ended in June 2009. Since then I've managed to OP nearly 6.5k which is reducing the monthly interest by a little each month. I'm not fussed for officially reducing the term cos you don't know whats around the corner and OP does it anyway.

All the best with your MFW dreams.:T

Thanks! lol, that's what I do, and also used to be annoyed about it, but now enjoy it... and never quite know what to say when they ask for the source.
Wow, well done on OPing that much in such a short time! Very impressed :beer:

DVardysShadow

dimbo61 wrote: »

All the banks are trying to build up cash reserves and the more money paid in the better.
Keep up the mortgage OP

Agree. In the last year or so, IIRC, there has been instances of lenders offering to settle the mortgage completely for less than the total owing. This was sub prime lending, so you won't see many of those who had the offer on MFW

gallygirl

Parnott wrote: »

It used to really p*ss me off but now I quite enjoy it - especially when they ask the source of the OP funds and I want to say 'Male Gigilo earnings' or 'Sperm Bank donation fees' but always fold and admit it's my salary surplus.;)

Dare you, dare you, dare you .

We could start a list for you to select from:

Nude model
Blackmail
Chicken sexer

Cortinaa_GTR

FlowerPower wrote: »

Thanks! lol, that's what I do, and also used to be annoyed about it, but now enjoy it... and never quite know what to say when they ask for the source.
Wow, well done on OPing that much in such a short time! Very impressed :beer:

Thanks FlowerPower. It's quite addictive really!

"Dare you, dare you, dare you .

We could start a list for you to select from:

Nude model
Blackmail
Chicken sexer"


Ha ha - yh a couple of good ones there Gallygirl. I wonder what they would say if I said Blackmail lol. It's like when you are at the airport and you joke about whether you have packed your own bag. I never understand those questions either.:rotfl:


PS. I don't know how to quote more than one persons comments into one reply. HELP?

PPS. I know or think OH is Other Half but what is DH that people refer to? I know I'm gonna kick myself.