Overpayments to a HSBC Mortgage....

IAMIAM

Can you use a debit card online, or bank transfer only?

Also, do you get to choose online if your want to...
1. Recalculate monthly payments?
2. Reduce term down and keep payments the same?

Also, what if you want to increase your direct debit so its a regular monthly overpayment (compulsory + overpayment). Can this be done?

herebeme

I can only comment on my HSBC mortgage, so I’ve had it fixed, then variable rate, and then fixed again. 

When I make an overpayment I just do a normal transfer in. The regular monthly DD doesn’t change, the term doesn’t change either - just the capital is reduced and so the amount of interest per month drops. 

When the interest rate changes, at end of the fix, or on SVR if the Bank of England base rate changes, then HSBC leave the term the same but recalculate the monthly direct debit. Depending on how much you’ve overpaid and if the interest rate is moving up or down will affect what your new DD amount is. 

So after years of overpaying, and a lot of rate changes, I now have a very low monthly payment as it’s still spread over the remainder of my original term. 

You might be able to ask for other options. I never did as the above suited me. The people on HSBC chat will be able to answer your questions.