Really stupid question - possibly

amancalledmartin

Hi all

Our fixed mortgage gives the option to overpay 10% each January. First time we've been able to do it and I've got everything in place BUT - who do I make the cheque payable to?!

Mortgage is set up with A&L, which is of course now Santander.

Is that a really dumb question?

Catslovelycats

I don't think so. If it was me, I'd make it payable to yourself + 'mortgage account' (assuming the mortgage is in your name and put the sortcode and account number on the top of the cheque to avoid any confusion.

Not saying that's the best/only way. Someone else might have a better idea.

Well done. I'm starting overpaying next month and quite excited!

somethingcorporate

It's a good question!

I've always made it payable to myself and wife (as it's a joint mortgage).

I would give them a quick call and confirm.

amancalledmartin

Thank you. It does say to put your account number on the back of the cheque but not who to make the cheque payable to. They clearly don't want me to overpay!

I have been an idiot this morning though because I've just realised I've been calculating 1% not 10%. I thought I could only pay £1,400 but now realise it's £14,000! Can't afford that much, but I'm trying work out how much we can afford to overpay without leaving us without any savings or money to do the house up.

Catslovelycats

easy mistake!
I've only just taken out a new mortgage, so the idea of paying it off early for me doesn't have the same appeal because it's such a long way away before I see the benefit of a 5 year reduction! I guess any little bit helps though, so all the best!

dimbo61

Try and leave yourself at least 3 months of income in cash ISA,s as an emergency fund unless you are paying a very high interest rate and can get back any overpayments!

foxblade

Can you not do the OP with your current account? We OP monthly with the same account as our normal mortgage bill goes out and because we use a standing order we can just put our account number in the ref, I feel it's more secure than a check, as I know that they can check against the ref and the account. If we don't have the money we reduce the SO to £1 so it isn't to much hassle.

Under-stable though if you don't have an Internet account.

flimsier

amancalledmartin wrote: »

Hi all

Our fixed mortgage gives the option to overpay 10% each January. First time we've been able to do it and I've got everything in place BUT - who do I make the cheque payable to?!

Mortgage is set up with A&L, which is of course now Santander.

Is that a really dumb question?

Mine is Santander as well. I can overpay over the year by up to 10%. I paid £5000 this December and have set it up to overpay by £120 per month on the phone.

I went into a branch and they said make it payable to yourself and I gave it to them.

you can also ring them and they'll give you an account number and reference to do a transfer.