Making a large one-off payment (partial redemption)

zx_31

Hello all,

I am looking to make a £150K payment to partially redeem my current mortgage with NatWest. Just rolled on to SVR a couple of days ago, so no ERCs.

My question is possibly a bit stupid - but I just wanted to ask about the "normal" way this kind of payment is done.

It seems like the recommended way is to use the designated account details from NatWest, using the correct reference (mortgage account number), and make a BACS (or CHAPS?) transfer.

I suppose this all makes me slightly nervous! Given the amount of money involved, making the payment without any kind of immediate receipt seems somewhat... scary?

Is this the correct way to be making this payment? Anyone had any similar experiences?

Cheers

dimbo61

Why not give the NatWest mortgage helpline a call.
A chaps fee is £25/35 so why not make a small payment today and check with the NatWest on Tuesday if they have received the small payment.
I think you can transfer £20,000 each day but speak to NatWest.
Massive overpayment so well done.
You don't have any other expensive debts ?
Can you pay more into your pension ?

zx_31

Thanks. Yeah, I have spoken to them before regarding smaller one-off payments, and assumed the process is going to be similar.

Might be worth checking receipt with them like you said. I just find the whole process daunting (large bank transfers in general that is) as it often boils down to moving your entire net worth in a single transaction. I guess it's fairly risk free as long as you're careful and check everything over but I'd really like immediate confirmation that the money has been received.

No other debts. Mortgage will still have a bit left but LTV will be very low and I hope to reduce the term and overpay 10% and clear it within a few more years. Can increase pension contributions with the monthly cash freed up.

foxy-stoat

I have not been in a position to make an over payment of £150,000 but call Natwest and see what their procedure is. They may need confirmation where the money has come from.