overpay santander mortgage

my_definition

hi guys

I really want to overpay my mortgage and have wanted to a bit for the last few years. We managed to overpay a bit a couple of years ago but things have been tight recently. Anyway it looks like we might be in a situation soon where we could overpay a small amount each month and I would ideally like to be able to do this online. We are on the svr now so no 10% max overpayments and have a fairly small mortgage so even small overpayments would hopefully make a difference.

I would like to ask about peoples experiences doing this with Santander as when we overpayed before I remember being told different things by different members of staff and one time our overpayment was just used to pay the normal mortgage DD. I also remember having to go into the branches to sort things out which isn't the handiest thing.

Could anyone share how they have go on with Santander overpayments? Thanks

lorelei_lou

I've made overpayments over the phone - never had to go in branch. You can't do any of it online unless you have their 'flexible offset mortgage', which I think is linked to having a current account with them.

For some reason though they said that automatic regular overpayments couldn't be done and that I'd have to ring up to make lump sum payments instead. So I've done that instead, saved up over a few months and then paid it that way. I find that a bit annoying, perhaps I should ring up and ask again if they tend to give out conflicting information!

GregDixon

I've been overpaying each month for the last 8 months and it has been quick and easy so far.
I phoned them up and was given the details to set up a standing order.
They advised me to set up the overpayment a few days after the DD was going out to avoid any confusion over the payments.
Around 8 days after the payment was made I receive a letter confirming the payment, and the new total remaining.
Very straight forward!

my_definition

lorelei_lou wrote: »

I've made overpayments over the phone - never had to go in branch. You can't do any of it online unless you have their 'flexible offset mortgage', which I think is linked to having a current account with them.

For some reason though they said that automatic regular overpayments couldn't be done and that I'd have to ring up to make lump sum payments instead. So I've done that instead, saved up over a few months and then paid it that way. I find that a bit annoying, perhaps I should ring up and ask again if they tend to give out conflicting information!

thanks that's interesting to know. Ive read of other people having access to their mortgages online which would have been handy but oh well. Ill phone them at some point but we will be a while saving up a decent sum.

my_definition

GregDixon wrote: »

I've been overpaying each month for the last 8 months and it has been quick and easy so far.
I phoned them up and was given the details to set up a standing order.
They advised me to set up the overpayment a few days after the DD was going out to avoid any confusion over the payments.
Around 8 days after the payment was made I receive a letter confirming the payment, and the new total remaining.
Very straight forward!

oh that does seem easier thanks

Eellogofusciouhipoppokunu

A lot of lenders have a minimum overpayment limit, often £500 or £1000 and any OPs made that are below that figure are put into a holding account until the lower limit is breached and then the money is paid off the mortgage. No interest is paid in these holding accounts, so if your lender does this you're better putting your money into a savings account until you save up the minimum overpayment.