Making an overpayment could help you pay off your mortgage faster, though early repayment charges could apply. Use our calculator to see how much you could save on interest, and how much your mortgage balance could reduce by.
There are two different ways you can choose to make an overpayment. It’s important to understand the difference between them so you can choose the option that’s right for you.
What are the overpayment options?
Make a regular monthly overpayment
This is when you pay an extra amount each month in addition to your regular agreed payments
You’re free to stop paying this whenever you like, however you’ll still need to make your normal monthly payments as usual
This option could help you pay off your mortgage faster, as you save money on interest and the amount you owe reduces more quickly each month
Make a lump sum overpayment
This is when you make a one off payment to reduce your remaining balance and help you save money on interest
Depending on your overpayment amount, we may adjust your regular repayments. If we reduce your monthly payments, you won’t pay off your mortgage earlier, so if you want to do so please get in touch and we can talk about your options.
If you make a lump sum payment, we may recalculate your contractual monthly payment and this may reduce. If we do reduce your monthly payments, you won't pay off your mortgage any earlier than the agreed end date.
If you want to pay off your mortgage sooner than the agreed end date, please contact us on 0345 72 12 600, Relay UK - 18001 0345 72 12 600. Open Monday to Friday 8am - 8pm, Saturday 9am - 4pm (excluding public holidays). Calls may be recorded.
How much am I allowed to overpay?
If you're on a standard variable rate you can overpay as much as you would like - no restrictions.
But if you're on a fixed or tracker rate deal and want to overpay more than 10% of your current mortgage, you might have to pay an early repayment charge. If you think you want to do this it's best to call us so we can chat through your options.
Ready to make an overpayment?
If you're comfortable with the different types of overpayments and what they mean, fill out the calculator below to get an idea of how much you could save.