How do you make your overpayments?

Phlik

I was going to make adhoc payments, but decided it was too much like hard work (actually, the truth is I was more likely to spend it on something else )

I rang ING up instead and reduced my term from 16 years to 6, hey presto! automatic overpayments, and I can't go and spend it on anything else either


Phlik

nevadagirl

I'm with RBS as well. I increased my mortgage DD by ringing up the mortgage centre. If I have any extra extra money, I was told to send a cheque to the mortgage centre with a note of the sort code and account number for the mortgage, which I have in my digital banking. I'm still debt busting as yet, though, so I haven't had to do that so far. This is my first foray into MFW but I hope to spend more time on here once I'm unsecured debt free.

When I asked on the phone, I was told categorically that it was not possible to overpay in the branch, and that only the mortgage centre could deal with mortgage payments, but this was about 5 years ago. I remember thinking that that was a bit useless, so I hope the person I dealt with was wrong, or it's changed since.

ailuro2

I forgot to say we also overpay a fixed amount every month through a higher mortgage payment, I phoned up and got them to arrange this.

The money is still available to us should we need it. Like a higher interest instant access savings account, really.

So far we've not touched any of the overpayment fund:D

y3andy

Quote:
Originally Posted by ShaunT
I regularly overpay on my Halifax mortgage and as you say the repayment doesn't alter......until you have your yearly review or they change their variable rate when base rate changes......then they recalculate your new payments against the term of your mortgage.....Halifax will only reduce the term if you tell them too.....as its not in their interest to reduce the term HTH.

To the OP......I pay online through my bank.....just need sort code and account number as already said :T


I am with Halifax and got my overpayments sorted ok over the telephone.

As Shaun says above when the base rate changed then they recalulate your payments so to get over this I cancelled my monthly DD and have set up a standing order on the same date to the total of my usually payment (492) and the amount I want to overpay by (166) so my payment going out each month is now £658.

tsharp

aliportico wrote: »

I'm with the Nationwide and I just do it via the online banking.

How do you do that? Do you gave a current account with them too and just transfer it across?

big_mortgage

ShaunT wrote: »

I regularly overpay on my Halifax mortgage and as you say the repayment doesn't alter......until you have your yearly review or they change their variable rate when base rate changes......then they recalculate your new payments against the term of your mortgage.....Halifax will only reduce the term if you tell them too.....as its not in their interest to reduce the term HTH.

To the OP......I pay online through my bank.....just need sort code and account number as already said :T

This then causes me (others too) a problem as I can only repay 10% of the balance off each year without penalty, if the term doesnt reduce it means the actual overpayable amount each year. If the term is reduced (by paying the admin fee) the overpayable amonut would be larger each year . grrr thieving ********,

winalot

i overpay nationwide in cash in the branch each month. they print out a slip saying how much has gone in.

frosty

pointypenguin wrote: »

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.

Hi everyone,I have decided to make overpayments on my mortgage as of today,just this minute sent a payment of £20.00 by my internet banking.I am now wondering if I can do this,I havent asked my bank.I just assumed I could,both my bank acc and mortgage are with the same bank.
Its a flexable loan with the Clydsedale Bank.When I log in it shows my acc balance and mortgage balance.I wonder if I will receive a letter saying I cant make overpayments via the internet.

hannahgibbs

I'm also with Nationwide. I can and have overpaid in branch, online from my Nationwide account, but I have also paid from my A&L account. I had been told several times that I could only overpay online from a NW account, but finally found someone who knew the answer :T You need the following info:
sort code 07-00-94 account number 44444445 and the reference number which is your account number ?11 digits, mine starts 60xxx or ask for an incoming standing order form, (you don't actually need to set up a standing order, but it gives you all the banking info you need

big_mortgage

big_mortgage wrote: »

This then causes me (others too) a problem as I can only repay 10% of the balance off each year without penalty, if the term doesnt reduce it means the actual overpayable amount each year. If the term is reduced (by paying the admin fee) the overpayable amonut would be larger each year . grrr thieving ********,

What i meant to say: This then causes me (others too) a problem as I can only repay 10% of the balance off each year without penalty, if the term doesnt reduce it means the actual overpayable amount each year gets less. If the term is reduced (by paying the admin fee) the overpayable amount would be larger each year . grrr thieving ******** they have you either way!!:rolleyes: