Overpaying your mortgage could save you money
- Pay off your mortgage earlier
- Reduce the amount of interest payable
- Save money to put towards the things you really love
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Types of overpayments
There's no limit to the number or value of overpayments you can make, but some charges may apply depending on the type of your mortgage. Overpayments made to your mortgage will be applied to your account the same day they’re made. These are permanent transactions that can’t be refunded.
Fixed-rate mortgage overpayments
Tracker mortgage overpayments
What happens to your monthly payments?
If there's a change to your mortgage interest rate, your standard monthly payment will be recalculated on the balance outstanding over the remaining term of the mortgage.
What happens to your overpayment?
If you cancel a regular overpayment that's paid through Direct Debit each month, the standard monthly payment will be recalculated on the balance outstanding over the remainder of the original term. You'll need to review any regular overpayments to make sure they're still suitable for you.
If you’ve made a lump sum overpayment, we won’t recalculate your standard monthly payment automatically. That means the amount won't change unless there is a change in the interest rate. If you'd like to reduce your standard monthly payment to take account of any overpayment, you’ll need to contact us.
Make an overpayment online
Log on to view your annual overpayment allowance, then just select your mortgage account and then ‘Overpayment details’.
To make regular overpayments
If you’d like to make regular overpayments, there are 2 ways to do this:
- Adjust your monthly Direct Debit by calling us or contacting us via Web Chat. The Web Chat is only available from 8am to 6pm Monday to Friday. It can take up to 7 working days to change your Direct Debit.
- Set up a regular standing order and make a monthly payment to your mortgage account number and sort code.
To transfer a lump sum
To transfer a lump sum to your mortgage account, just go to ‘Pay and transfer’ in the app or online banking. If it's coming from another bank, you’ll need to make a payment to your mortgage sort code and account number. You can find these on any mortgage document or letter from us.
If you make an overpayment after 23:45, this will be processed the next working day. So, if you’re on the last day of your annual overpayment allowance, we'll take it from next year's allowance.
Make an overpayment by phone
Our lines are open Monday to Friday 08:00 to 20:00, Saturday and Sunday 09:00 to 17:00. Calls may be monitored and recorded. Opening hours within the mortgage departments may vary.