How do you make your overpayments?

ShaunT_2

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 ********,

I'm in the same boat.....it is annoying but thats the terms. To combat that the money that I 'save' from the reducing mortgage payments and reducing amounts I can overpay I actually put away elsewhere. When my outstanding mortgage equals my 'put away' money.....i'll be mortgage free :beer: ......hopefully xmas 2010 :j

aliportico

tsharp wrote: »

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

Yes. It did occur to me later this morning that not everyone has their current account and their mortgage in the same place! It's very easy that way though

~daisy~_2

we have a c&g mortgage from lloyds tsb - we just increased our mortgage dd to the maximum we could without incurring penalties - which is double

we also repay 10% of the outstanding mortgage every january as a capital repayment which we send as a cheque in the post

Mumto5

I'm also with Woolwich/Barclays. I was told in my local branch that I could only send cheques to the mortgage centre and that they would only recalculate if the repayment was over £500. I kept dipping into the contents of the piggy and was getting nowhere:o . However I discovered there was no penalty for altering the term so I've shortened it by 2 years which allows me to make my small repayments without difficulty.

zebedy

squibbs, my mortgage is with Halifax too and I've made overpayments before by sending them a cheque with a covering letter

mischiefmaker

I just make my overpayments via online banking, my mortgage is with Natwest and I just called up the mortgage helpline number and got the account nad sort code and set it up as a single payment, this means I can chose how much and when each month.

hughmungas1986

My mortgage is with Woolwich / Barclays, I don't bank online so I've had to go to the local branch to overpay. They can't access my account at the baranch, so I've no chance of knowing what my current balance is. I'll have to ring them up in a week or so when the cheque clears.
Perhaps I should start banking online !!!

Hughmungas

skoda38

im with britannia bs, flex mortgage. make overpayments via online banking.
payments stay the same but if you ring them they will recalculate your
repayments instead over the original term.

phizzimum

hughmungas1986 wrote: »

Perhaps I should start banking online !!!

Hughmungas

yes!!

I still don't understand why people don't bank online...is it fears about security?

It makes life so much easier and I don't know how people keep on top of their finances without online banking.

barbarawright

squibbs25 wrote: »

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

I have a Halifax mortgage and I was able to set up a standing order for overpayments which means that I can change it from month to month.