Final Payment - Natwest

PierremontQuaker03

Hi, on the 2nd of Jan I went into Santander and did a transfer for 70k to Natwest which was the final amount due. The payment went through fine. Come a few days later the 70k hasn't been allocated to my mortgage account and I'm getting nervous. I have rang Natwest twice, once the person on the end of the phone said he could not see any payments with my reference had came thrum and the other time, the lady was like chill it will be fine, there have been more payments than normal due to a lot of mortgage deals ending. I work in accounts and I understand how allocating payments work etc etc, but I am getting a tad nervous. Monday will be 5 working days since the payment was made, and they said it can take up to 5 working days. I was really hoping the weekend was going to be one of celebration and looking forward, but its been constant worry in case it all goes belly up somehow.

tacpot12

As you have found, there isn't much that can be done while the 'normal' processing time of five days hasn't elapsed. So wait until Tuesday to check, and if it's not there on Tuesday ask that they look into it "As it is outside of the normal processing time". NatWest will have your money, it's just that they don't know they have it yet!  

njkmr

It will be 5 working days so exclude the weekend and by Tuesday (5 working days )it will be fine im sure.

Veteransaver

Surprised it takes 5 working days, Bacs is only 3.
You'd have been better writing a cheque and taking it into NatWest!
Unless it just takes up to 5 working days to update /apply it to your mortgage account and will back date the credit? But if you've lost 5 days of interest, on £70k that's not an insignificant amount.

PierremontQuaker03

Veteransaver said:

Surprised it takes 5 working days, Bacs is only 3.
You'd have been better writing a cheque and taking it into NatWest!
Unless it just takes up to 5 working days to update /apply it to your mortgage account and will back date the credit? But if you've lost 5 days of interest, on £70k that's not an insignificant amount.

They said they would back date the payment on the date it was received in their bank, so I wont be penalised for that, however, I wish I had done it another way now as knowing how antiquated their system is means it takes a lot longer than what I thought it would be!

PierremontQuaker03

all got sorted in the end thank you, my account got closed, I am mortgage free

northwalesd

Great news 😀

Husbandofstinky

That's helpful and came up on a search. Thank you.

I paid the final balance on 2 January on a Friday (61k odd per the redemption figure you can pick up via the app). So hopefully all done by this following Friday.

I paid £91,500 earlier by transfer via a NWB account (you can only pay £99,999 per transaction). Tried it again at the second time (£61k ish) and the app wouldn't let me 'problem at our end'. Then tried the final payment option for that £61k ish. If you are making transfers internally via NWB, you have to have a remaining £500 mortgage balance. Clearing it totally 'final redemption figure' via the app is the only option for zero.

For the record, the total balance was getting on for £152k, hence the two transactions with £99,999 max. I did try to BACs direct to the mortage externally (from the savings), but it wouldn't let me as 'not a recognised account', hence the transfer to a NWB current account and then the mortage via the app.

A second point to add is that rather than overpaying on a 1.59% mortgage (good old deal coming to the end 31.12.25), obviously it was saved elsewhere for the interim. 

Mortgage free again (third time round), so it doesn't feel as good as the first time. Though my choice on all occassions, start from scratch (good deposit), pay it off, move out and rent it and then start again. This is the last time though.

Finally, as per another post above, that £91,500 internal transfer turned up on Tuesday, 3 working days later but was back dated to the 2nd.

It must be something to do with mortgages when the transfer doesn't show up the same day.

To the OP, it must be something about bean counters (I'm one too in practice) and clearing things down lol

PierremontQuaker03

Husbandofstinky said:

That's helpful and came up on a search. Thank you.

I paid the final balance on 2 January on a Friday (61k odd per the redemption figure you can pick up via the app). So hopefully all done by this following Friday.

I paid £91,500 earlier by transfer via a NWB account (you can only pay £99,999 per transaction). Tried it again at the second time (£61k ish) and the app wouldn't let me 'problem at our end'. Then tried the final payment option for that £61k ish. If you are making transfers internally via NWB, you have to have a remaining £500 mortgage balance. Clearing it totally 'final redemption figure' via the app is the only option for zero.

For the record, the total balance was getting on for £152k, hence the two transactions with £99,999 max. I did try to BACs direct to the mortage externally (from the savings), but it wouldn't let me as 'not a recognised account', hence the transfer to a NWB current account and then the mortage via the app.

A second point to add is that rather than overpaying on a 1.59% mortgage (good old deal coming to the end 31.12.25), obviously it was saved elsewhere for the interim. 

Mortgage free again (third time round), so it doesn't feel as good as the first time. Though my choice on all occassions, start from scratch (good deposit), pay it off, move out and rent it and then start again. This is the last time though.

Finally, as per another post above, that £91,500 internal transfer turned up on Tuesday, 3 working days later but was back dated to the 2nd.

It must be something to do with mortgages when the transfer doesn't show up the same day.

To the OP, it must be something about bean counters (I'm one too in practice) and clearing things down lol

Well done (from one bean counter to another)