Overpaying

LL30

Hello,

Just about to start the overpaying process - spoke with the bank last week re: amounts and ERCs etc. Helpfully I took notes as I was speaking to them...or so I thought! The lady told me when to pay so it didn't impact my regular payments, but I can't make head nor tail of what I wrote. I think it says 'on or after' and then something about ten days...any ideas? Or do I need to put myself through the torture of vivaldi again?

Bank is Santander if that makes any difference.

TIA

fromtheshires

I make any overpayments after my monthly mortgage has gone out because then it cant mess with anything on the systems. They advise not to make any payment 10 days before the payment is due to go out as it has the potential to mess things up - what I have no idea though.

With Santander, you need to ensure you are paying at least £500 and if you want it off the capital, make sure you tell them that its to pay off capital.

LMG1305

I also bank with Santander & I remember when I spoke to them about overpayments, they said not to make an overpayment within the 10 days before the DD is due to go out, because if you do that it regards the payment as part of the regular monthly payment, so the DD would then be a lesser amount.

My DD goes out 1st of every month, so to make sure I am nowhere near the 10 days, I make any overpayments on 15th of the month.

LL30

Great, thank you - that adds up with the notes I took, just a shame I missed out the vital parts! Appreciate your help.

taskey

Hi all. I also have a Santander mortgage and am looking at making extra payments. Is it £500 each time? Or can I just "chip" away at it with bits here and there?

Thanks
Tracy