How do you make your overpayments?

pointypenguin

Hi I recently got myself a mortgage and also a mortgage pig (well penguin).

My mortgage is with RBS and I was told I cannot make adhoc overpayments by internet or telephone banking only by going into the branch.

How do you make your adhoc overpayments from your mortgage pigs?

Thanks Marlina

squibbs25

My mortgage is with the Halifax, i too can only make overpayments at the branch!

tsharp

Same with Nationwide.

*Sarcastic voice* It's almost as if they want to make it hard for you...

ailuro2

I phone up Co-op bank and it's showing as overpaid in the online balance withih a few days. They're always happy to help, although really they shouldn't be, we're cutting the bank's bonus, after all!!:D

pointypenguin

That's is exactly what I thought they try to make it hard for you to overpay. I was sure to ask when I took the mortgage could I overpay but I never asked how it could be done.

When I went into the bank it took 3 people to figure out how I could overpay obviously not that many people do it.

Tigsteroonie

I have recently written to Halifax regarding this issue, and have received the following response - which, so long as you have a product that permits overpayment, presumably applies to anyone ...

There are different ways you can make overpayments or part repayments to your mortgage account and we suggest using one of the following:

1. Send us a cheque quoting your mortgage roll number and made payable to yourself, accompanied by a letter stating that the cheque is to make a part repayment on your mortgage account. If you wanted to amend your term, if you could add that in the letter too."

2. Visit your local branch and give instructions to the cashier how much you wish to pay and from which account, and also whether you would like your term amending."

I do have to say that I was specifically asking about reducing the term, hence the reference. They went on to warn me that amending the term incurs a £10 fee, but overpaying doesn't incur any fee.

I would suspect that, if I don't want to amend the term, I could even possibly use internet banking, as previous correspondence has given me a sortcode, account number & roll number to use.

MarkyMarkD

I was going to say that, Tigsteroonie.

There is no reason why any lender shouldn't quote sort code, account number, and mortgage account number details for you to make a payment by BACS.

Maybe just specifically ask for those details rather than mentioning overpayments?

pointypenguin

I have tried making a payment using internet banking but after putting in the sort code and account number it says that these are invalid.

The cheque option sounds interesting do you just send the cheque by post or do you going into a branch with it?

I will contact RBS and see what other options are available.

Trying_to_be_good

My mortgage is with the Woolwich/Barclays and I overpay in two ways - I have a monthly standing order payment which is greater than the minimum direct debit would be and replaces the direct debit, and I overpay 'ad hoc' amounts using internet banking.

Because I set the standing order up they had to give me the sort code and account number for the mortgage, and I just use the same details for the ad hoc transfers (my current account isn't with Barclays) and it always gets there (so far).

This might be another way to go about getting the details?

LouiseJ

I am with the A&L and I can either increase my direct debit (which I have done for the amount I know I can overpay), send a cheque or go to branch.

I have a seperate bank account that I pay spare money into from mortage pig and have any quidco earnings and mystery shopping money paid into also.

Once a month I write a cheque to A&L (made out to me or if it goes astray anyone could cash it) and I send it by post to my local A&L this is best for me as my closest branch is 12 miles away. The money usually appears after 4 working days in my mortgage account. I just put my mortgage roll number on the back of the cheque and write to be paid into mortgage account.

Apparantly its quicker if the cheque is sent to local branch rather than head office.
It is also easier for me to keep track of how much I have paid as I have only one cheque a month being written rather than lots of small overpayments.

gallygirl

I'm so lucky compared to so many of you . I have an offset with Egg, run via the internet. I can transfer money whenever I want and it shows up in my offset immediately although money doesn't leave my bank for a few days :j :j :j .

I also have a monthly DD set up.

If I want to apy cash in, for example when I empty Peefer the pig, I pay cash into my bank account and transfer. :T