Overpaying the mortgage

[DontDIY]

I’ve had my mortgage for almost a year, and 2 months ago started overpaying by £100 a month. Due to various reasons, although manageable, it would be better to reduce this again for the next few months, and resume the over payment again perhaps around August.

So my question is, is it frowned upon to change this arrangement on and off? Will it go against me when I want to move and want a bigger mortgage? Or hypothetically speaking, can you do this as when you want? (Aside from the restrictions on how much you overpay by).

Thanks.

I have only ever worked "behind the scenes" in mortgages, but from our point of view that wouldn't be an issue..to play it safe just ring and ask. They don't usually bite.

I am currently overpaying my mortgage. When I called to arrange they said it could not be changed again for 3 months. Different banks might have different rules though. I would call and ask.

I've never had to arrange anything. We tend to overpay every now and again in lump sums.

Edinburgh, do you change the term and hence your monthly payments change but can't be changed for 3 months? I've never heard of being forced to keep overpaying by a certain amount on a regular basis.

JoJo
No, I haven’t changed the term just the Direct Debut. She just said that obviously it takes admin to change it so they couldn’t change it monthly so I would have to wait three months if I wanted to amend it again.

• debit!

@Edinburghgirlie who do you have your mortgage with? It's just that sounds very peculiar, I work for a bank and one of the things I do is set up overpayments on DDs. We can change the DD amount there and then provided it's not 3 days before or 3 days after the DD is taken.

OP as far as I'm aware you wouldn't be penalised in any way, I always tell customers they can cancel or amend the overpayment amount at any time (out of DD clearing period)

I've set up a separate standing order into the mortgage account to overpay & vary it as & when I feel like it - the direct debit stays as the lender sets it.

Tucking
It’s the Clydesdale Bank.

I can not see it being a problem at all!

Oh, we've never changed our DD when overpaying. Just transferred extra money into the mortgage account.

As long as you are making your basic repayments, you’re all good as the extra was voluntary

Also it depends on your mortgage, our old one we could only pay off 10% extra a year and our new one we can pay as we see fit so we pay the amount we think our new mortgage would cost if we moved (about £500 more) and pay off lumps as and when we have saved them. As long as minimum repayments are met (I.e the obligated amount)!it doesn’t effect credit rating either way.

Thanks for the replies. I’ll see how it goes. Might not need to change it back, but the replies put my mind at rest anyway.

Nothing would surprise me about Clydesdale Bank