overpaying woolwich mortgage ?

deejaybee

just started 5yr fixed rate with Woolwich.

my regular payment is a gnat's nacker over £930, which I pay by D/D.

I can afford to up this to £1K.

What would be the easiest practical way to do this, hopefully without having to deal with call-centres etc.

TIA.

ACG

Can you overpay? Not all woolwich mortgages allow you to.

I think you would need to call them to check whether a standing order is ok and if so what account number/sort code/reference you should use.

deejaybee

Hi ACG,

Yes can pay 10% overpayment without incurring ERC.

I will contact them to see if I can set up an online account

marlasinger

Assuming you are allowed to overpay, you can now do this online, via Barclays online banking. Your mortgage information now appears, with a button that you can click for overpayments.

deejaybee

Hi marlasinger, I don't have any accounts with Barclays, apart from the mortgage obviously, so does that mean I have to set up an account with them ?

marlasinger

Sorry, just seen this...

I thought you would have been given a current account with Barclays along with your mortgage? We were, and I know other forum members have mentioned the same thing.

However, even if you don't have an account with them, you can give them a call to find the sort-code and account number of your mortgage account and set up a standing order.

iainscomputer

deejaybee wrote: »

just started 5yr fixed rate with Woolwich.

my regular payment is a gnat's nacker over £930, which I pay by D/D.

I can afford to up this to £1K.

What would be the easiest practical way to do this, hopefully without having to deal with call-centres etc.

TIA.

Just call the call centre, its very easy, Ive done it lots of times to vary my payments up & down, they will send you a new payment confirmation in the post. Ive never had any mistakes with them.

mustang1

You have to pay your mortgage by standing order so just send additional payments to the same bank details quoting your mortgage account number. That's what i've done with overpayments and have always been fine. they normally send you a letter after each overpayment confirming receipt.

I did call them before my first overpayment saying that I didn't want them to reduce the term of the mortgage with any overpayments or alter my standard monthly payment but just pay off capital. Had no problems so far.

deejaybee

Thanks for the further replies, apologies for late reply, but been away over w/e visiting family. Will definitely give them a call next time I get an early finish from work.