Easiest way to make overpayments on a Barclays/Woolwich mortgage?

lilmissmup

So me and OH have a mortgage with the Woolwich/Barclays which came with a current account we will never use!

I set up the internet banking with the sole intention of using the current account to easily make over payments to the mortgage but after phoning the internet help desk and being told to go into the branch who could link the accounts the branch then told me they can't do anything, we can't see the mortgage online!

We are looking to sell in next 1-2 years but I want to reduce the mortgage so whats the easiest way to make overpayments from your experience?

Set up a DD or do it online? We can overpay up to 10% a year.

I am annoyed that I can't see the balance going down, ringing every month for a new figure will be annoying!!!

Thrugelmir

lilmissmup wrote: »

I am annoyed that I can't see the balance going down, ringing every month for a new figure will be annoying!!!

Why do you need to know your outstanding mortgage balance every month? Easy enough to keep a manual record that will give a good indication of the position.

To make overpayments just set-up either a standing order for the amount you wish to overpay or create a payee with your existing current account provider through an online facility.

Morgage_Confused

I have a woolwich mortgage and it is annoying it isnt online as such. (You can work out the balance online from the mortgage current account available funds btw)
You can overpay online if you know enough details of the mortgage. Just transfer money from your online current account to the mortgage account number.
Alternatively, and this is how I do it, just go in branch and pay cash over the counter, again having to hand your mortgage account number.

Either way you will receive a letter about a week later showing how much you paid in.

Ive written a couple of detailed descriptions of woolwich overpayments in an older post. Do a search.

Samoht1977

If you Pay a regular monthly amount off each month, Woolwich have a calculator that you can use to work out what your existing balance will be.

Check it out on their website.

Hope this is helpful

lilmissmup

Morgage_Confused wrote: »

I have a woolwich mortgage and it is annoying it isnt online as such. (You can work out the balance online from the mortgage current account available funds btw)
You can overpay online if you know enough details of the mortgage. Just transfer money from your online current account to the mortgage account number.
Alternatively, and this is how I do it, just go in branch and pay cash over the counter, again having to hand your mortgage account number.

Either way you will receive a letter about a week later showing how much you paid in.

Ive written a couple of detailed descriptions of woolwich overpayments in an older post. Do a search.

Thanks....the current account isn't an offset current account though its just one they told us we had to have?

Morgage_Confused

Yes I know.....the one they told you you must have is called "mortgage current account"......dont touch this account. Its an overdraft facility to borrow back any capital paid off the mortgage.
I meant to overpay online from another account is possible just by transferring money to the mortgage account....DONT transfer it to the "mortgage current account"

getmore4less

lilmissmup wrote: »

Thanks....the current account isn't an offset current account though its just one they told us we had to have?

Any overpayment increase the overdraft limit on the mortgage current account.

It should explained in the documents you should have got with the mortgage.
(it is in mine but they are from a while back so may have changed).


overpayments just need sort code and account No and do a normal payment.

You need to check what you want to happento the normal payment(stays same or goes down) Barclays changed the defaults on how that works some time back.

Euph2409

As "getmoreforless" says you just need to your Mortgage account number and sort code to set up an overpayment with your bank. It is annoying that the you cannot view your mortgage balance online but it can be checked via telephone. Ring 0800 0224022 and follow the instructions - its all automatic, you just need your mortgage account number.

Beckyy

I've just seen your post on my dairy and replied with the phone number etc. where you can get the details to overpay by SO.

It's a huge pain not being able to see the balance go down, but there's an automated service out of office hours that will tell you if your payment has gone through and what you balance is.

Keep us posted

Morgage_Confused

Its 3x your normal payment and a re-calculation is done and payments reduced.
Less than 3x then it reduces balance, payment stays same, term reduced, (this can also be borrowed back at no cost, so similar to mini offset)

p.s. If anyone finds anything different to the above please post as it took me ages to get that info and the call center in Mumbai always tells a different story...lol

getmore4less wrote: »

You need to check what you want to happen to the normal payment(stays same or goes down) Barclays changed the defaults on how that works some time back.

getmore4less

Morgage_Confused wrote: »

Its 3x your normal payment and a re-calculation is done and payments reduced.
Less than 3x then it reduces balance, payment stays same, term reduced, (this can also be borrowed back at no cost, so similar to mini offset)

p.s. If anyone finds anything different to the above please post as it took me ages to get that info and the call center in Mumbai always tells a different story...lol

if borrowed back through the mortgage current account(as an OD) it is at SVR, or same rate as the mortgage for offsets.

No idea if you can extract from the mortgage account we are offset.