Overpaying Halifax mortgage

jackiegibbo

i overpay our halifax mortgage and i had to ring them to set up a standing order but its all going smoothly now

Sleepy_head_2

I've called the Halifax to find out how much I can overpay this year. They were more than helpful on the 'phone and also arranged for a letter to be sent to me stating everything...I received this today and it appears to not be as simple as one might think (rolling years from when you first overpay not when you take out the mortgage etc)! Make sure you call them to check your details so you don't get caught out.

jackiegibbo

Sleepy_head wrote: »

I've called the Halifax to find out how much I can overpay this year. They were more than helpful on the 'phone and also arranged for a letter to be sent to me stating everything...I received this today and it appears to not be as simple as one might think (rolling years from when you first overpay not when you take out the mortgage etc)! Make sure you call them to check your details so you don't get caught out.

Im sorry to seem thick but what does rolling years mean?

determined1_2

See my post number 13 here http://forums.moneysavingexpert.com/showthread.html?t=1450637#

This was my interpretation and CS confirmed it. Hope I got it right!

Sleepy_head_2

Hi Jackiegibbo- exactly what I wondered until I got my letter! The letter states that if your mortgage was to start in June but you didn't start overpaying until September, then from September to September you can overpay by 10%. This is really important if you are planning to overpay by the whole 10% and think the new overpayment year will start on the anniversary of your mortgage- it doesn't (unless of course this is also when your first overpayment was).

I'm fortunate to be in this position which is why I asked originally but will have to stick my money in a savings account, earning virtually no interest, until I can overpay again :0( ...at least I'll be able to overay I lump sum I suppose.

Hope this makes sense!

swiftnick

Sorry to hear of all your woes.

I set up my SO with Halifax 2 years ago and have never had a problem overpaying.