Mortage questions

I would imagine it depends on the mortgage provider. With Nationwide your mortgage is essentially another account. So on my Nationwide app I have my current account, savings accounts and mortgage account. As such I have just sent up a monthly standing order to transfer money from my current account to my mortgage account (for the over payment).

The down side however is that when using the app you think you have money until you scroll to the bottom of the page and see a massive minus figure.
 
As others have said, different mortgage providers do it different ways.

I know my friends have to manually make a overpayment with their card each month, but I called up my lender a while back and added overpayments so that they're taken out the direct debit.

Most of the questions you're asking can only be answered by your lender. The amount you over pay as a percentage against whatever, the penalties you're charged for overpaying beyond that limit and how you pay it are all different.

While some lenders allow you to overpay up to 10% of the original mortgage value - some base it on the outstanding mortgage value. So, you better make sure you double check with your lender! Whoever you choose they'll also be able to work it out to the penny so you don't pay any fees/fines for exceeding the limit. If they do, complain and profit!

Phone them up if you can't find it easily in the documentation they have available. If you're applying for a new mortgage there's usually little to no waiting time in a queue ;)
 
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