If you want to change the length of your mortgage term or change your repayment type (e.g. from interest only to capital repayment), you can choose to do this from the following options:
†If you want to change the owner and/or borrower details, you can choose to do this from the following options:
You are able to change your mind during the switching process up until you accept your Offer document. After this time, you will be bound by the terms and conditions of your new mortgage which may include Early Repayment Charges if you wish to transfer to an alternative mortgage rate.
To repay your mortgage early, you'll need to ask us for a redemption figure. This shows you exactly how much you need to pay to redeem your mortgage in full.
This is different to the balance you see on online banking as there will also be interest accrued/about to be applied which won't be included. There may also be early repayment charges if you're currently on a fixed rate. To get your final redemption figure, you can:
If you currently pay interest only, your standard monthly payment will be the amount you need to pay each month to cover the interest that has accrued on the capital balance of your loan. It is based on how much interest will be paid over the term divided by the number of monthly payments.
If you currently pay both capital and interest (known as capital repayment), your standard monthly payment is the amount you need to pay each month to cover both the interest that has accrued on the capital balance of your loan and part of the capital. It is calculated so as to ensure that, if you make all of the required payments in full and on time, your loan will be repaid by the end of the term as shown on your Offer Document.
Yes you can subject to limitations. Please visit online banking for details of your Annual Overpayment Allowance (AOA). As long as you don't go over your AOA for the year, you won't incur an Early Repayment Charge.
You can overpay by making regular over payments or irregular lump sum payments and these will count towards their AOA. Once you exceed your AOA for the year, any additional overpayments within this period will incur an Early Repayment Charge.
Please contact us to discuss a reduction of your mortgage term and increasing your standard monthly mortgage payments. This is for your protection as it enables us to assess and confirm whether you can afford to pay a higher amount for the remainder of the shorter mortgage term. Please call us on 0800 169 6333†.
For fixed and discount rates, we recommend you review your additional payment arrangements at least once a year.
Your annual overpayment allowance is calculated once a year on the anniversary of the start of your fixed or discount rate period. This calculation is based on the remaining capital balance of your mortgage account on this day, and if this amount is not exceeded there will be no additional charges, such as early repayment charges.
You can use all or part of your allowance at any time during the 12 month period, either by making regular monthly overpayments, one off lump sum payments, or a combination of these.
For tracker and variable rates, while there are no restrictions to the amount you can overpay each year we would always recommend reviewing your additional payments regularly throughout the life of your mortgage to ensure you are on track to repay your lending by the end of the term agreed.
Fixed rates: there will be no change to your payments following a Bank of England base rate change.
Tracker rates: there will be an impact to your payments following a Bank of England base rate change. This will take effect within 1 day of this change. We'll notify you in writing the impact of this change on your mortgage. You'll also be able to find a copy of this letter in 'My docs' on Internet Banking.
Additional payments: If your additional payment is a set amount on top of your standard monthly payment, the total amount you pay will change in direct relation to the base rate change, e.g. if the Bank of England base rate increases, your monthly payment will also increase.
If you have set your additional payment to be a 'total amount' that includes your standard monthly payment e.g. £750 per month, of which £455 is your standard payment and £295 is your additional payment, we will not change your total payment until your standard monthly payment exceeds the total amount set.
If you're unsure how your additional payment is set up you can call us on 03457 662255, lines open Monday - Friday 8am - 6pm and Saturday 8am - 5.30pm. Alternatively you can send us a secure e-message via online banking.
The date your mortgage will end is confirmed in your most recent mortgage correspondence or mortgage Offer Document you have received.
Any additional payments made could result in you repaying your mortgage before this date. However any changes to your rate, payment amount or payment date will result in your standard monthly payment being recalculated against the term set out in your Offer Document. Additional payments will unofficially change the date your mortgage will end.
For interest-only mortgages your monthly payment will be the amount required to cover the interest that has accrued for the past month on the capital balance of your mortgage. This amount will remain constant until there is a change to your loan, for example, change in rate, or payment date.
If you have any further questions, please call us on 03457 662255. Opening hours: Monday - Friday 8am - 6pm and Saturday 8am - 5.30pm.
Any overpayment will be refunded to the originating account and this should be within 7 working days.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
† Lines open Monday to Friday 8am - 9pm, Saturday 8am - 8pm, Sunday 9am - 6pm. Calls may be monitored and recorded. Opening hours within the mortgage departments may vary.