overpay on mortgage difficulties

wazza454

Hello,

I'm looking to overpay each month on my mortgage, 10% so i avoid the penalty.
but Santander make it so hard to do so!

basically been told that if i want to change my direct debit i need to reapply for a shorter term... so basically a new mortgage?

and if i want to pay on a separate standing order i need to call them each month as i pay to inform them of what account it is to be applied too.

sounds very awkward for the sake of just making it harder to overpay.

this is my first mortgage, so new to all this. has anyone else had this issue? and if so how did you fix it?

warren.

abbe89

My current account and mortgage are both with Nationwide, so can't necessarily comment on Santander, but I find it quite straight forward, I just go onto my internet banking and transfer whatever I'm wanting to overpay across. I have a reminder in my phone for each month.

Do you have this option, or could you set up a standing order on your online banking without calling them?

AnotherJoe

I dont know what your mortgage rate is, or the sums involved, but how about saving the sum monthly into a high interest account and then making less frequent payments from that account off your mortgage. So you'd have this rigmarole to go through less often. Perhaps every three to six months or even less?

wazza454

Ye i asked them about that, they said to me that if i decided to make a payment each month id have to call them after the payment was made to tell them what it was for.
Seems rediculous

Thrugelmir

Was your mortgage originally taken out with Santander.