Santander Overpayment

kev2009

Hi,

I saw yesterday that Santander are now allowing users to make over payments through online banking.

Has anyone done this? Does it give you option pay off capital and reduce monthly payment? or pay off capital and reduce term? Or does it default to a certain option?

Bit weary as about to make my first OP tomorrow i hope and want to get it right. Or i'll just phone them up but didn't see too much info online.

Thanks

Kevin

littlemonkeywolf

I had to phone up to confirm how I wanted the payment allocating as first time I did it they just took it off montlhy payment and wanted it capital but since then had no issues and their online banking confirms how much you can still overpay without a charge.

SteveOB

Hi,

I have done a Santander over payment via Online banking. I transferred money from my back account to my Santander savings account.

You select how much you overpay and it will show you the interest you will save if you select to reduce the term or reduce the amount. From this screen you can then select which option you would like to use.

I also got the option as to which Santander savings account to take the money from. So you can select to reduce term / reduce amount.

It was very easy to do. And the next working day it had applied the money correctly to my Santander mortgage account correctly. FYI i done an over payment of £450.00 to reduce the term.

I am going to use this method do do an over payment every couple of months....

kev2009

Thanks both, I went online yesterday, got to the OP screen but then it said technical error. So i logged out and phoned them up. Made the OP over the phone, guy asked how much, that was all ok and if to reduce monthly or term i said monthly and that was it. He confirmed which account to pay it from etc and that was it. He never mentioned capital so i'll have to wait and see if he took off capital, hope so.

I'll keep it in mind next year, i only paid a small amount in relation to the mortgage so it wont have a huge impact either way but i'm hoping its just enough to get to the figure I've worked out on a spreadsheet or to be very close as i know the spreadsheet isn't calculating 100% accurate for some reason.

Kev

kev2009

Forgot to say think he said would take 3-5 days to show up and would get a letter 3 -4 days after that confirming.


If yours showed the next day, maybe mine will show on Mon/Tues as I did it Sat. It shows going out my account but not entering mortgage account yet.

Kev