Bath Building Society

Jono987

Hi everyone, just wondered if anyone had a mortgage with Bath Building Society?
We just recently completed and received our letter detailing our first payment date. The letter mentions we can overpay up to 20% of the oustanding balance each year. The way its worded makes it seem like you can only overpay yearly, however i would ideally like to overpay a set amount each month. Does anyone know if this is possible? I have tried to call them / email but understandably they are probably incredibly busy. A standing order overpaying a set amount on the same date as the mortgage comes out would be perfect

Thank you

MovingForwards

From their FAQs

Most mortgages now offer you the option of making overpayments. Making overpayments can help you repay your mortgage before the end of the term, which will save you money on interest. While you are in a preferential rate period, we allow you to pay up to 20% of the balance outstanding as at 1st January, each calendar year without incurring an early repayment charge. When your preferential rate period expires, you would be able to make any additional overpayments or even pay off your mortgage in full without incurring an early repayment charge. 


Which reads to me as whatever your balance is at the start of the year, you can make 20% overpayment of that. It doesn't read to me that you can only make 1 O/P a year.

Jono987

Thanks, this is my first mortgage so i have no idea how this kind of thing works.
Do mortgage companys usually allow someone to overpay using a standing order?
Bath seem quite old fashioned so they do not have any online account management or anything like that. 

MovingForwards

Usually, as long as you know their sort code and account number, you just need to add your mortgage reference number to one of the sections eg name or reference. I can't say if that's how it is with Bath BS, have a look through all the papers you got pre and post mortgage.
-- there isn't any indication on their site, which isn't unusual for smaller companies.

Have you tried using the webchat on their site to contact them? A lot of companies are working from home and the webchat is still being covered, as are the phones.

If you really don't want to contact them due to Covid, save the money, contact them when this is all over / calmed down then make the overpayment.

Hopefully a member or broker will be along to confirm how to make the O/P.

Jono987

Thanks a lot, i didnt even notice there live chat feature!
I will be going on it on Tuesday and hopefully will talk to someone Thanks again.