Overpaying Woolwich Mortgage from Barclays?

Kantankrus_Mare

I have finally decided to start over paying the mortgage.

Not by a lot but hopefully enough to have it paid by the time Im 55 (ten years) rather than the 13 years and seven months I currently have remaining.

My query is: I have just rung the helpline number and was told that yes I can overpay by bank transfer.

He has given me a sort code and an account number to send my money to but said I won't get a letter to confirm over payment.

I can ring in three days to check over payment has gone through but Im not sure I am keen on this idea.

Does any one else have a mortgage with this lender and help me out?

We used to be with Nationwide which was brilliant. You could see any over payments straight away with on line banking.

mrke

I phoned Barclays and amended my direct debit to a higher amount that I'm comfortable with, thus constantly overpaying. Additionally I've set up a standing order (SO) for a minimal amount. I then log on and amend this SO as and when I want to pay more or less each month.

To answer your question, the Barclays online banking tells you each month how much you have over paid by SO and also how many years/months are outstanding and the original term.

It's definitely not the best, in fact the Barclays/Woolwich mortgage online is quite poor, but once you realize that and know you will only see the over payments at the turn of the month then all is not lost.

Kantankrus_Mare

I think I tried to get on line banking a while ago and it didnt show me any mortgage details.

Can you point me in the right direction?

Thanks.

unhappy_shopper

We too have Woolwich tracker mortgages. For overpayment, what I did first was go to the Barclays bank with my sort code and account number, OPd by transferring money from my current account. At the same time, I asked them for the outstanding amount and noted it down. For the first few OPs, I used to get a revised mortgage letter within a week. Since then I have regularly (monthly) OPd directly using my online Barc* account. But revised statements no longer seem to be coming in. So, once in 3 months, I drop into a Barc* branch and record the outstanding amount. HTH.

sillysi

i make regular ( once a month) o/p on my woolwich mortgage via my barclays online account .After about 5 days i receive a letter to show me my new monthly payment .

unhappy_shopper

Kantankrus_Mare wrote: »

I think I tried to get on line banking a while ago and it didnt show me any mortgage details.

Can you point me in the right direction?

Thanks.

To get the Woolwich mortgage details in your online Barclays account, you need to call a 0845 number given out by the branch staff. I never bothered with that. So, I just drop in whenever I go that way.

getmore4less

Offset mortgages get monthly statements and the account show up online.

Once you have a DD or SO set up it will happen

I think overpayments eventualy show up on the reserve account as an increased overdraft limit.

Kantankrus_Mare

So if I over pay on this mortgage do my monthly payments gradually reduce or does the term get shorter.?

Unhelpful man on end of line didnt give any options.:(

iluvsaving

you can pay directly into the account via transfer.
go into branch and ask for the mortgage account sort code and account number.

unhappy_shopper

Kantankrus_Mare wrote: »

So if I over pay on this mortgage do my monthly payments gradually reduce or does the term get shorter.?

Unhelpful man on end of line didnt give any options.:(

In our case, the monthly payments were decreased. I do not remember whether the option for reducing the term was available.

getmore4less

Kantankrus_Mare wrote: »

So if I over pay on this mortgage do my monthly payments gradually reduce or does the term get shorter.?

Unhelpful man on end of line didnt give any options.:(

There is(was?) a choice.
Check your T&C's and any updates from Barclays.

Some time back they changed the defaults action for overpayments and rate changes because some people did not have a clue and got caught out by the annual change policy, not big deal while rates were dropping but since they had been low for so long and the only way was up they needed to make the changes..

I don't have the details to hand, and as an offset customer it does not impact me.



The ideal situation is to keep the term as long as possible and manage the payments yourself, if you shorten the term you are commiting to a higher payment