Making overpayments with Santander Question please

sheilds

Hi there,

Could anyone advise the best way to make overpayments with Santander to reduce our term please?
I've read through our Terms and Conditions but they don't really make it very clear. (or maybe it's just me!)

Thanks in advance
S.

Tahlullah

Hello.

Of course it's not you! The banks and money lenders purposefully make it difficult for everyone to understand, in order to prevent people making decisions like this to overpay. If you overpay, they lose interest and the cash cow (you) they had anticipated keeping for 25 years, now intends to leave after 15! For them, that's an awful lot of potential lost revenue, so keep you in the dark and eventually, you will change your mind and remain where you are through apathy and disinterest!

Sorry for the rant.

To answer your question, I have no idea as I am not with Santander, but probably the best way forward is to ring and ask them to explain. No mistakes then!

Good luck with this.

acl2009

I'm with Santander and what I've understood from reading all my gumpf, is that you can pay 10% of the outstanding mortgage balance each year, without incurring any penalty.

I'm going to be paying off bits here and there several times a month, and from what I can gather this is fine, as long as I don't do more than 10%

Mrs_Rachel_Trelfa

Hi, in the process of getting our mortgage for our first home and have just come back from Santander today. What we were told were that as we are on a fixed term deal we can overpay by a maximum of 10% however it was mentioned that we have to overpay by a minimum of £500 each time. what confuses me is that I have read that someone else on MSE has a Santander mortgage and said that you can overpay by any amount. Would be useful if someone could clear this up.

jellyspots

I tend to pay £50 at a time and never had a problem but maybe their is something in your terms that states min £500. I would ring them and ask.

ixia

Hi

My mortgage is with Santander and I have been told conflicting information it depends who you speak to on the other end of the phone.

Initially I was told its £500 minimum per time, then I was told it is as long as it reduces your mortgage by a month for me thats about £300. However I have only paid £500 per time as that knocks 2 months off for me.

I telephoned them on Thursday as I was just going to pay enough to knock a month off and was told I couldn't had to be a minimum of £500. As I said different info depending on who you talk to. You cannot pay more than 10% per year, jan- jan of your outstanding balance at the start of the year.

That's what I have been told but you'd probably be best to give them a call.

Good Luck!!

sheilds

Thanks for that Ixia and all other replies-Can I ask how you paid?
In branch or by cheque (to where?) etc...