Overpaying Halifax mortgage

sammyjammy

Apologies for repeating this, I know there is a thread here about Halifax overpayments but I can't find it anywhere, maybe it was culled.

I'm not quite in the "Mortgage 3i3 years" due to a lack of surplus income but I'm cracking away at it and have already reduced my term to 13yrs from the 18 it would be if I'd left it alone. I've just remortgaged with Halifax on a tracker rate and I'm wanting to overpay but I don't want this t obe a fixed monthly amount, I want to be able to put small amounts in when I can, is this possible?

I've taken note of the sortcode/acc no and roll number, is it as simple as setting up a standing order from my Halifax current account?

Grateful for any advice.

Sam

lapat

sammyjammy wrote: »

Apologies for repeating this, I know there is a thread here about Halifax overpayments but I can't find it anywhere, maybe it was culled.

I'm not quite in the "Mortgage 3i3 years" due to a lack of surplus income but I'm cracking away at it and have already reduced my term to 13yrs from the 18 it would be if I'd left it alone. I've just remortgaged with Halifax on a tracker rate and I'm wanting to overpay but I don't want this t obe a fixed monthly amount, I want to be able to put small amounts in when I can, is this possible?

I've taken note of the sortcode/acc no and roll number, is it as simple as setting up a standing order from my Halifax current account?

Grateful for any advice.

Sam

yes all you need is the information that your monthly standing order for your mortgage payment and set a new standing order
i.e halifax's bank account and your mortgage account number and your name that's all you should need

TSM_2

sammyjammy wrote: »

Apologies for repeating this, I know there is a thread here about Halifax overpayments but I can't find it anywhere, maybe it was culled.

I'm not quite in the "Mortgage 3i3 years" due to a lack of surplus income but I'm cracking away at it and have already reduced my term to 13yrs from the 18 it would be if I'd left it alone. I've just remortgaged with Halifax on a tracker rate and I'm wanting to overpay but I don't want this t obe a fixed monthly amount, I want to be able to put small amounts in when I can, is this possible?

I've taken note of the sortcode/acc no and roll number, is it as simple as setting up a standing order from my Halifax current account?

Grateful for any advice.

Sam

I have a Halifax fixed interest rate mortgage, whilst I am able to and do over pay this mortgage, although there is a limit to the amount I can pay each year during the fixed rate period (About £13,000 I think, will differ from mortgage to mortgage). I just phoned them for this information. I would suggest you do the same to avoid any penalty if you intend to overpay by a lot.

lunasaver

Hi there

I'm with the Halifax, and I have always made one off payments here and there, I have a fixed with 10% overpay per year allowed.

I think one tip was, for a £20 admin fee you can reduce your term thus making your allowance more (if you see what I mean?), I think I will do this soon as you can always make it longer again for the same deal.

Accounts do vary so I'd ring up and check to be sure.

Cheers

LS

sammyjammy

Thanks for the additional advice, its a straight forward 10% for me, unluckily for me we are talking max £100 per month overpayment on a 13yr £67k mortgage so don't have to worry about any fees for overpaying - I wish!

Sam

ILoveTuna

I have just set-up a standing order by phone to pay more on my halifax mortgage. I tried to do it online but it would not accept the sort code!!

Whe they setup the standing order by phone they where unable to provide a reference? Which i thought would be my mortgage roll number?? I asked how this would work i.e. how would they know which mortgage the payment was for but they said they would 'just know'!!

Not convinced this will work but i guess we will see!!

littlebadger

I have tried to set up a bill payment and a standing order on my online Halifax bank account to overpay my Halifax mortgage. Each time I was told my account number was invalid.

So today I went into my Halifax branch and inquired. The woman said it should be possible. Then first she tried and then I tried and we could not set it up.

She then rang head office and I was then told that it isn't possible.
If I want to overpay my mortgage I have to go to my local Halifax branch and ask for a mortgage adviser or I can send a cheque in to them.

Talk about trying to inconvenient people as much as possible from overpaying their mortgage.

Has anyone else had problems?

determined1_2

Hi littlebadger

I had the same problem. I wanted to set up a seperate SO for my overpayments. That way I could freely ammend the amount.

I got the details same as you but got the same message when trying online. Ring up the bank accounts dept. and they'll get it set up for you. Note that you cannot amend the amount online (like normal SOs), you have to ring up to do it.

Hope it helps!

beecher

littlebadger wrote: »

She then rang head office and I was then told that it isn't possible.
If I want to overpay my mortgage I have to go to my local Halifax branch and ask for a mortgage adviser or I can send a cheque in to them.

You can just hand a cheque over to any cashier in the branch and they'll deal with it. I tend to save up and do one overpayment or so a year - I phone the helpdesk first to make sure that my overpayment is tagged a 'capital repayment' as once it wasn't and was just sitting in my account.

littlebadger

Looks like writing a cheque is the way to go.
How old fashioned is that?

This must be a way of putting overpayers off.
But it won't put me off as go by the branch once a week. :beer:

Sleepy_head_2

I've had problems setting up an overpayment from my Halifax account, and have given up. However I had no problem doing this from my HSBC account which seems strange! I have a monthly standing order which I simply adjust each month depending on funds available.

If you pay over the counter in a branch you don't even need your mortgage account number or roll number, on the occasions I have done this I just hand over my current account card to the cashier and they can do it from this.

Hope this helps