Making a lump sum payment against my mortgage

Tyler_Durden_UK

I'm in a position to be able to make a lump sum payment against my mortgage. I have the sort code and account number for the mortgage, do a make a payment to that account or a transfer?

Hoenir

Who is your lender? 

la531983

Tyler_Durden_UK said:

I'm in a position to be able to make a lump sum payment against my mortgage. I have the sort code and account number for the mortgage, do a make a payment to that account or a transfer?

Not sure what you mean, its the same thing, pay it like you would anything else with a sort code and account number 

njkmr

When I did this year's ago I just told them what I was doing and made a transfer to the lenders account that my mortgage was paid to. 
Put a reference number there so they know just in case. ( ref being your mortgage account number).

la531983

njkmr said:

When I did this year's ago I just told them what I was doing and made a transfer to the lenders account that my mortgage was paid to. 
Put a reference number there so they know just in case. ( ref being your mortgage account number).

Reference likely isn't needed, most mortgage accounts with mainstream lenders have their own sort code and account number.

You dont have to tell them either 

Tyler_Durden_UK

When I do the transfer from my bank it's asks if I'm paying a business or a person, and for a name as well 

user1977

Tyler_Durden_UK said:

When I do the transfer from my bank it's asks if I'm paying a business or a person, and for a name as well 

It doesn't really matter, it will go to the account number and sort code you put in.

CrazyBee787

Tyler_Durden_UK said:

I'm in a position to be able to make a lump sum payment against my mortgage. I have the sort code and account number for the mortgage, do a make a payment to that account or a transfer?

Do you know if you will be charged a fee for over payment, I would check with your lender before making a payment to see what the maximum over payment you can make without costing you interest, if it costs interest it might be worth putting in a high interest account until your mortgage fixed period comes to an end or make the maximum Over payment each year until the money has diminished. Also you want to think, do I have an EF (Emergency fund) because if you don't you want to make sure you have that before making any OPs should the worse happen you want to make sure you have some resources in place. And lastly when you pay into your mortage account, you will need account number, sort code and reference number - do not forget the reference number or the OP will not make it to your mortgage account. All the best.

la531983

Tyler_Durden_UK said:

When I do the transfer from my bank it's asks if I'm paying a business or a person, and for a name as well 

Yes. You are paying yourself.

Pay a pound first if you really want to make sure it lands correctly 

la531983

CrazyBee787 said:

Tyler_Durden_UK said:

I'm in a position to be able to make a lump sum payment against my mortgage. I have the sort code and account number for the mortgage, do a make a payment to that account or a transfer?

Do you know if you will be charged a fee for over payment, I would check with your lender before making a payment to see what the maximum over payment you can make without costing you interest, if it costs interest it might be worth putting in a high interest account until your mortgage fixed period comes to an end or make the maximum Over payment each year until the money has diminished. Also you want to think, do I have an EF (Emergency fund) because if you don't you want to make sure you have that before making any OPs should the worse happen you want to make sure you have some resources in place. And lastly when you pay into your mortage account, you will need account number, sort code and reference number - do not forget the reference number or the OP will not make it to your mortgage account. All the best.

As already said the last line isn't strictly true. My mortgage is with Barclays. No payment reference needed. My mortgage has its own sort code and account number.

freesha

Is your current account and mortgage with the same provider? If so, it's a case of transferring between accounts or products on the app or online.