managing mortgage online

joop123

I am currently looking at remortgaging and feel that if i was able to manage my mortgage online and make overpayments when i was feeling a bit flush it would be a great incentive in becoming mortgage free if i could easily see my balance coming down, i am not thinking of large amounts approx £25 a few times a month. I would need any overpayments to be processed quickly and not yearly as i believe some products do. I am currently with the alliance and leicester and they do not offer this facility, does anyone know of anyone who does.

I have used this method to reduce my credit card balances and found that paying a bit here and a bit there it was suprising how quickly the balances came down.

Any help would be greatly appreciated

Thanks

Paddy

firesidemaid

a lot of banks will allow you up to 10% overpayments a year and to do it through digital banking etc. i'm doing the same with my bank (RBOS) and seeing mine go down in front of my eyes (plus you then pay less interest so even more goes off the capital out of your normal payments).

i think at least the halifax also does it too. but there will be many others. otherwise there are the offset/flexible mortgages. always check the interest rates too (ie. not the one account as it has a higher rate).

joop123

Thanks

How quickly do the RBOS process overpayments, I have looked at the offset accounts but worry that if i am a bit short one month it would be to easy to claim back my overpayments.

Paddy

MJMum

You can overpay with YBS, and it was very easy to take a break from payments when we wanted to dip into the overpayment "pot" to make some home improvements. Not sure that they offer what you want with "online management" though.

peterg1965

I am with Nationwide, you can look at your mortgage balance online but as yet you cannot make direct overpayments from your Nationwide Flexaccount. This service will be available shortly I understand. It is very useful to be able to log on and see the mortgage balance though, and overpayment can be send by cheque to Nationwide. Good range of products too.

tiff

Can you view Northern Rock mortgages online does anyone know?

joop123

Thanks peterg1965

Very interested in the nationwide as i have a flexaccount and if i am able to make direct overpayments this could be just what i am after, do you know how long it takes for overpayments to be taken from your mortgage balance?

thanks

Paddy

Jeannine

Coventry BS allow you to 'manage' your mortgage online, as long as you have a savings account as well. Every month I've transferred money from my current account to Coventry and then some of that across to the mortgage. I can immediately see the reduction in the mortgage which is really good!:j It's good to keep a close eye on it rather than relying on a statement once a year.

joop123

thanks Jeannine

I will look at this one as well

Paddy

cattie

My mortgage is with the Halifax & the only online facility they offer is to view your current mortgage balance, term of mortgage & your contracted monthly repayment. You are not able to control your mortgage account online alas, although you can apply for a further loan based on the equity in your home.

Through my non Halifax current account I'm able to adjust my mortgage payments whenever I want to pay extra by tweaking my standing order to them. Paying your mortgage via standing order rather than direct debit gives you more control in allowing you to make overpayments at will, mortgage terms permitting of course.

firesidemaid

the interest is applied daily to RBOS mortgages, overpayments have an immediate effect!

sazza:D