Woolwich Overpayments

fallin123

I've just taken out a Woolwich mortgage a couple of months ago and am keen to overpay it when possible. I've had a look on my online account and there doesn't seem to be a way to make overpayments unless I have a Barclay's account. I have the sort code and account number for my mortgage account, if I transfer money into that will it work as an overpayment? I spoke to the Barclay's online helpdesk last night, but they just told me to speak to my own bank.

Maelwys

fallin123 wrote: »

I've just taken out a Woolwich mortgage a couple of months ago and am keen to overpay it when possible. I've had a look on my online account and there doesn't seem to be a way to make overpayments unless I have a Barclay's account.

You shouldn't need a Barclays Account to overpay your Barclays Mortgage. I think it's just easier to setup overpayments into it if you use Barclays Online Banking.

Check http://ask.barclays.co.uk/help/mortgages_homes/overpayments_on_my_mortgage
and
http://ask.barclays.co.uk/help/mortgages_homes/amount_reduced_overpayments

As noted in that first link, you should just be able to setup a new Direct Debit (or amend your existing one) for regular overpayments. It shouldn't matter what Bank you're with as long as Barclays can suck the money out of your account. Just let Barclays know that you're overpaying and whether you want to use the overpayments to reduce (i) the term of the Mortgage or (ii) your Monthly Payments.

You'll certainly need to use your own bank's facilities to make a one-off overpayment or if you're setting up a standing order... but the link above seems to suggest that you can also get Barclays to amend their Direct Debit to include regular overpayments.

Whenever I first setup my Woolwich Mortgage 4 years ago they opened a current acount for me. However the only time I used it was on the run up to my remortgage two years ago (cycling a few hundred pounds through it every month so that I qualified for their "loyalty" mortgage rates at renewal) - never to make overpayments from. I DID make an overpayment at mortgage renewal time to get me down to a lower LTV band, but that came out of my standard (Non Barclays) Current Account...

fallin123

Cheers, that's what I thought would be the case but the guy on the phone last night seemed to be saying different. Need to wait to get access to my online account and will take it from there.

Thrugelmir

fallin123 wrote: »

I have the sort code and account number for my mortgage account, if I transfer money into that will it work as an overpayment?

Then it's just like any other bank account. You can deposit monies as you wish.