Overpaying on your mortgage
You can make overpayments on any Principality mortgage. Paying a little extra, either regularly or as a one-off sum, can help reduce your overall mortgage balance and the amount of interest you will pay over time.
Any overpayments you make will appear on your annual statement under ‘transaction history’.
To find out your overpayment allowance you can make an appointment at one of our branches or call us on 0330 333 4000.
How to make an overpayment
- Set up a standing order
- Make a payment over the phone
- By cash or cheque at any of our branches
- Post a cheque to us
- Online bank transfer
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
You can repay up to an additional 10% of your outstanding mortgage balance each year. The amount you can overpay will be 10% of either
- the total amount you still owed on January 1st of the current year
- the total amount you owed on the date your mortgage began (if you took out your mortgage after January 1st this year)
If you are in the Early Repayment Charges period of your mortgage agreement, any payments you make above this 10% limit will be subject to an Early Repayment Charge. The amount can be found in the “Early repayment” section of your mortgage offer.
Making an overpayment changes the total amount you owe and the amount of interest your mortgage accumulates. When you make an overpayment, we will recalculate these figures immediately.
Your monthly mortgage payments will remain the same unless you ask us to alter them.
If you have a flexible mortgage, you can overpay at any time. Your monthly payments will be recalculated at your 6 month review.
If you're in a better financial position after a Mortgage Payment Holiday you can choose to make overpayments to cover the payments you missed. You’ll need to follow a specific process, and you can find out how to get started here.
Yes, but you will be charged a standard Mortgage Early Exit fee and may also have to pay an Early Repayment Charge.
You can repay up to an additional 10% of your outstanding mortgage balance each year. But if you are in the Early Repayment Charges period of your mortgage agreement, any payments you make above the annual 10% limit will be subject to an Early Repayment Charge. Each mortgage product has its own terms and conditions so to see if you’d be subject to an Early Repayment Charge, please refer to the ‘Early repayment’ section of your mortgage offer.
More information on the Mortgage Early Exit fee can be found in our tariff of charges.
Yes, if you have more than one mortgage account with us, our overpayment rules apply to each mortgage account individually.