Feel that mortgage freedom a little bit sooner with Overpayments
Overpaying your mortgage
By paying a little extra regularly or a large lump sum, you can help reduce your overall mortgage balance and the amount of interest you will pay. You can overpay on all our mortgage products, including buy to let.
- Reduce the amount you owe on your mortgage
- Reduce the overall interest you pay
- Alternatively come and have a chat with our mortgage advisors about reducing the term of your mortgage
- Each year you can repay up to 10% of the balance outstanding as at 1st January.
- Any product related redemption penalties would only apply to overpayments above the annual 10% limit.
- When you make an overpayment, the amount you owe and the amount of interest you accrue is re-calculated immediately, however your monthly mortgage payment will remain unchanged unless you ask us to alter it. *If you have a flexible mortgage, you are able to overpay at any time during the life of your mortgage and your monthly payments would be recalculated at its regular 6 monthly review.
How to overpay on your mortgage
There many ways you can overpay on your mortgage, you can:
- Set up a standing order
- Make a payment over the phone
- Pop into branch to pay by cash or cheque
- Post a cheque to us
- Complete an online bank transfer
We will not send confirmation of your overpayment, however you will see the overpayment made on the transaction history of your annual statement. If you would like to find out your overpayment allowance you can contact us on 0330 333 4000 or you can pop into a branch at any time.
When paying directly from your bank, including by standing order, please quote the following details:
Account Number : 90653535
Sort Code : 20-18-23
Reference : Your Mortgage Account Number
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE