Setting up overpayments on Halifax mortgage

KTF

Does anyone here overpay on a Halifax mortgage and could tell me how this is done?

Mine completed yesterday but I dont have all the paperwork through and it isnt showing as 'live' on the Halifax system as yet.

On the Halifax online banking I can see the roll number, sort code and account number so it is just a case of sending the monthly standing order for the amount to the sort code and account number that is displayed?

The first payment is due on the 8th so would like to sort it out before then.

cattie

I try overpay my Halifax mortgage each month to try to reduce the term & I adjust my standing order payment to achieve this. My bank account is an external one, not a Halifax one & payments are made to the Halifax by quoting account & roll number and sort code on the standing order.

Using the standing order facilty to make payments is very handy as if there is one month when you can afford more you can adjust it to reflect this. But if there is a month when you can only afford the contracted monthly amount then again you can do the manual adjustment.

KTF

Thanks. Thats what I thought. My normal monthly payment is going via DD every month from a non-Halifax account then I will use overpayments via the standing order to reduce the balance/term.

egamar

I half-know what I'm taking about here, so please check elsewhere

Monthly overpayment works if the BSoc/Bank calculates interest daily. Some do (or at least used to) only calculate it annually, and so in essence you got no benefit from the earlier payments. Instead you sort of saved up and made a repayment of capital at the 'bes time' each year, getting (taxed) interest on the savings.

But I haven't had a mortgage for 10 years, so I may be talking through my hat.

Worth checking into though.

cattie

Halifax interest is worked out on a daily basis.

sammyjammy

I've posted on this before but only just got around to setting it up :rolleyes:, I've rung Halifax and they are useless.

I bank with Halifax and when I go to online banking I can see my mortgage account, I go to set up the standing order and it says I have to do it via "Create standing order to other accounts with us" so ok I try and do that and it tells me that my mortgage account isn't part of my portfolio of accounts. So it seems I cannot do it either way.....

As I say no luck with Halifax grrr...... any ideas anyone

Sam

Noz

Ring Halifax bank accounts and ask to setup a standing order with the details of the mortgage account