Monmouthshire BS overpayment

atlasmm

Hi,

Is anyone with Monmouthshire Building Society and has ever tried to make an overpayment?

I’m 28yrs old with a 28yr term mortgage and I’m aiming for mortgage settled by 50.

I’ve calculated and need roughly £250pm overpayment.

I find this wording very confusing, it says you can’t overpay then proceeds to say you can up to 10%. Which one is it?

Thanks

AgathaSquirrel

It is a bit odd. It reads to me that you can’t overpay £250 per month but you can overpay lump sums. I would probably save the £250 per month in an account and pay as a lump sum at the end of your fixed rate.

Hopefully someone else will come along who has experienced similar terms.

South_coast

I would read it that you can't increase your direct debit, but can make ad-hoc payments? I'd give them a call and ask them to clarify

GrumpyDil

As above, I read that as saying you can't set up automatic regular payments but you can make manual overpayments.