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How do overpayments affect my mortgage?

If you have spare funds that you'd like to put towards your mortgage, then overpayments can be a great way to do this.

Overpayments help to reduce the balance of your mortgage, in addition to your normal monthly payments. As they help to reduce the balance, you will therefore pay less interest. This is how overpayments can help to save you money.

It's important to note that overpayments do not reduce the term of your mortgage. This can only be done if you contact us to make an application.

Overpayments greater than or equal to £1,000 in a one off lump sum will automatically re-calculate your normal monthly payments to a lower figure.

Overpayments which are less than £1,000 will not affect the amount of your normal monthly payment, even where you make a number of overpayments that are each less than £1,000 but together add up to more than £1,000.

If you wish to discuss overpayments and what they mean to you, you should contact us.

Call 0345 7212 600
Minicom number 0800 056 6587
Open Monday to Friday 8am - 8pm, Saturday 9am - 4pm (excluding public holidays)
Calls may be recorded.

Your home may be repossessed if you do not keep up repayments on your mortgage