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

The1stCoke

Hi guys and HAPPY NEW YEAR to you all
I have been reading this thread, and still left a little confused. It has made my head hurt. I have a mortgage with Woolwich/Barclays like mentioned above with the attached current account. I am allowed to OP 10% annually. Now does this mean I can pay 10% over the amount I pay currently a month ie £410 + 10% or is it 10% of the actual mortgage.

The other thing that has me concerned is the advice not to use the current account. I do. I use it as a DD account, as it is handy to transfer all the money I need on pay day over to it so it covers all the bills. Then I have just "play" money in my standard HSBC current account. I do overpay the Barclays Mortgage account, so I end up with a bit of "play" money in there too. Is this bad? Should I just scrap it and leave it at zero?

Sorry if this has all been explained before, but as it's New Years day, I am a little bit fuzzy from the night before, and I would like to sort out my finances for the New Year.

Thank You in advance

getmore4less

It is ok to use the mortgage current account as long as you don't go overdrawn

The1stCoke

getmore4less wrote: »

It is ok to use the mortgage current account as long as you don't go overdrawn

Thank you. So that's the only downside? I never go OD so that's not an issue for me. Thanks

marlasinger

The 10% overpayment limit will be 10% of the actual mortgage. You can call them and they will give you the exact amount.

With the mortgage current account, we use ours as our main account with pretty much all bills and DD coming out of it.

The1stCoke

marlasinger wrote: »

The 10% overpayment limit will be 10% of the actual mortgage. You can call them and they will give you the exact amount.

With the mortgage current account, we use ours as our main account with pretty much all bills and DD coming out of it.

My Goodness! You're a helpful bunch you lot! Cheers.:rotfl: