Santander Mortgage Overpayment

connors07

Hello all,

I was hoping to get some advice on how to correctly set up an overpayment. Ideally looking to do this monthly BUT I want to start by only paying when I feel I'm in a position to do so.

I received a form which I sent back and Santander have confirmed they've received my overpayment instructions.

I've got the Account No./Sort Code etc which I need to set my payment up to.

Do I need to set this up as a Standing Order? It seems to be the only option with a payee field. If anyone could confirm if this is correct it would be much appreciated.

Cheers

StarShapedPeg

Hi
We've just started overpaying our Santander mortgage (to the tune of £20 a month!) but yes it's a standing order. For some reason they don't change the DD. Make sure you include your account number and surname in the reference. And they warned me not to date the standing order on the same day as the DD, so we've done it for a couple of days after. It goes into a holding account, and then it's applied to the outstanding balance. But today I've just got a letter from them, thanking us for the twenty pounds (!) ... if they insist on sending a letter every month it might get a bit boring for them!
Enjoy your overpayments, it's a long game!

magicpork

I have a mortgage offer with Barclays so this may not apply to Santander, but my mortgage broker told me I can just phone up the lender any time and inform them I want to overpay and they'll give an account detail so I can send my money in.. sounds a bit weird but I've double checked this with the broker..

connors07

Many thanks for the replies!

I have set up a Standing Order, it takes about 3 days for my outstanding Mortgage total to be recalculated so will check that Wed/Thurs, it looks like it's all gone through okay - thanks for your help!