Making mortgage overpayments

Abbafan1972

Morning all.

We have a mortgage with the Halifax which currently is just over £41k, which we want to get cleared sooner rather than later.  Our monthly payment is £1,117.30 paid on the 28th of each month. Interest rate is 5.56%

We started making overpayments a few months back of £150 a month.  I know there is a limit on how much we can overpay and this is 10% of the overall balance, so it's about £4,100 up to 31st Dec 2024.

The mortgage is made up of 6 sub accounts and the last 2 months I have targeted the overpayment to the sub account with the lowest balance and then the plan was, once that sub account was cleared, we would target the next one up in balance value and increase the overpayment by the amount of the last one cleared, if that makes sense. 

I normally use the Halifax app and this gives you limited information.  I logged onto Halifax online banking using the website and there is more information.  Buried in the sub account information for the mortgage, I have discovered that I have exceeded the overpayment limit for the sub account I targeted and it may be subject to charges and I didn't realise this.  

Does anyone have any advice please?  Would anyone do anything differently?

Thanks in advance. 

South_coast

At a guess, the 10% is limited to 10% of each sub-account, so if you want to stay within the limits then you'd need to target each of the accounts rather than piling all the OP's into one