Overpayments Whenever?

Mysteek

Hi

Just wondered if there were any mortgages out there which allow you to make as many overpayments as you like, by just transferring money into your mortgage account.

With the HSBC Tracker mortgages you are allowed to make as many overpayments and lump sums as you like but "as part of your Direct Debit payments". This seems a faff having to notify them to change your direct debit each time you want to make an overpayment, and you wouldn't get the benefit immediately as you would have to wait until the direct debit was taken.

Do all mortgages work like this?

libf

I can make ad hoc payments with Nationwide on my fixed rate via internet banking, so I assume the same would be true of their trackers with unlimited over payments.

BaxUk

Just to confirm the above, Nationwide do allow you to do it via their internet banking whenever you choose, their Fixed rates have limits but their Tracker and variable products dont

Mysteek

Hi, thanks for the replies above. HSBC allows up to 20% overpayment on their fixed rates, which I am on at the moment, but you have to notify them to change your direct debit. I have looked at their other mortgages as I would like something a bit more flexible, giving me the option to just transfer money from my current account into my mortgage via online banking. But the wording on their mortgages which allow unlimited overpayments and lump sums include the words "as part of your Direct Debit payments" which sounds like what I want to do is not allowed.

lazer

Nationwide - as above allow overpayments via online banking

I am on a fixed rate and can overpay by £500 a month

dimbo61

If you are looking for a new mortgage product why not check out offset mortgages.
We are with Barclays/Woolwich and build up savings in the offset pot as well as overpay.

Jimjiminy100

I Have a HSBC tracker mortgage and I simply login to the HSBC APP and I can make as many payments as I like separate to my direct debit. The mortgage balance updates immediately.

I have sent money from non HSBC accounts into the mortgage account and the same applies.